Financial worries could loom over economy: Consumer Advocate for credit reporting accuracy

Posted on May 17, 2012 by GrahamDoessel

On the whole it seems Australians are feeling insecure about their finances. Is this the catalyst for or as a result of the slow housing and finance market? Is the doom and gloom all in our minds or are Australians in real trouble which could lead to a debt crisis and the accumulation of bad credit history by some sectors of the population?

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Yesterday Business Day reported on a worldwide survey showing Australian consumer confidence was significantly reduced despite the strength in the Australian economy in comparison to other countries.

The article, titled We’re Saving For a Gloomy Day addresses Australia’s growing pessimism as featured in a survey brought out by Boston Consulting Group. The survey suggests the savings habits of Australians born in the midst of the global financial crisis are here to stay.

“In its 11th annual consumer sentiment survey conducted last month with 15,000 consumers in 16 countries, BCG asked respondents a series of questions around financial and job security, spending plans and savings habits. The results showed Australian shoppers were among the most worried and financially insecure in the developed world, and planned further cuts in discretionary spending,” the article says.

This sentiment is not surprising, considering the key finding from the survey shows that not only are Australians cautions, but that the rates of consumers who feel they are in financial trouble has soared:

“47 per cent of Australian consumers felt they were in financial trouble or not financially secure, up from 36 per cent in 2011. This heightened sense of panic compares with 48 per cent in the US (where the unemployment rate is double Australia’s), 43 per cent across the European Union, 41 per cent in Spain (unemployment close to 25 per cent) and 45 per cent in recessionary UK,” the article says.

Here are the results from the survey country by country courtesy of Business Day:

So what is causing this fear? Perhaps the drop in house prices (on average 4.5% over the past 12 months according to the Australian Bureau of Statistics) could be having a significant impact. Perhaps a reduction in the level of household equity has meant many are reluctant to increase spending as there is no longer a buffer in their biggest asset – the family home.

This was the viewpoint of the leader of BCG’s consumer practice in Australian and New Zealand, James Goth.

Mr Goth said a downturn in the housing market was affecting spending plans in Australia and feeding the pessimistic outlook.

”Another reason why I think we are so bearish in our discretionary spending outlook, regardless of how well the economy is doing and how good unemployment rates are, is the breaking of the house-price cycle – people can no longer fund these very high expenditure rates based on ever-increasing house prices, he told Business Day.”

So what could be the long term prospects for the housing market and lending finance numbers?

This week’s March housing finance statistics reported by the Australian Bureau of Statistics show a 0.3% rise in home loans to owner occupiers, but the proportion of first home buyers fell to 16.4 per cent. In all, the total value of dwelling finance commitments fell 0.5 per cent in March compared with February in seasonally adjusted terms.

ABS HOUSING FINANCE March Key Points:
VALUE OF DWELLING COMMITMENTS

March 2012 compared with February 2012:

 The trend estimate for the total value of dwelling finance commitments excluding alterations and additions fell 0.2%. Owner occupied housing commitments fell 0.5%, while investment housing commitments rose 0.4%.
 In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions fell 0.5%.
NUMBER OF DWELLING COMMITMENTS

March 2012 compared with February 2012:

 In trend terms, the number of commitments for owner occupied housing finance fell 0.4%.
 In trend terms, the number of commitments for the purchase of new dwellings fell 1.3% and the number of commitments for the purchase of established dwellings fell 0.6%, while the number of commitments for the construction of dwellings rose 1.1%.
 In seasonally adjusted terms, the number of commitments for owner occupied housing finance rose 0.3%.
 In original terms, the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments fell to 16.4% in March 2012 from 17.2% in February 2012.

The minutes of the Reserve Bank of Australia May board meeting were released on Tuesday and noted that weakness in non-mining sectors was persistent and was predicted to continue.

The Sydney Morning Herald reported in its article Slowing Growth, rate rises tipped RBA’s hand that among other economic factors, slowing credit growth and demand for housing finance were involved in its decision to cut interest rates this month.

“Demand for housing finance had eased in the past few months and recent data suggested that dwelling prices had continued to decline, although there were tentative signs that the pace of decline had been more gradual in recent months,” the RBA minutes said as reported in SMH.

“Credit growth for households had been marginally lower over the past year than over the previous year, and business credit was rising only at a very modest rate,” the minutes said.

Do the facts show Australians are really experiencing financial difficulty?

The sentiment was echoed by Dun and Bradstreet’s Credit Expectations Survey released on April 30, 2012. It pinpointed in its survey of June quarter savings, credit usage, spending and debt performance expectations that many who can meet credit commitments are choosing not to, but that there is a significant portion of people struggling with their current debt levels.

It showed over a third of Australian families will struggle to manage existing debt levels. It also found nearly half (46%) of all low-income households expect difficulty managing their debt. This represents a rise of eight percentage points since the fourth quarter of 2011, 11 points above the national average.

According to Dun & Bradstreet CEO, Gareth Jones, the survey results indicate a worrying cycle of debt accumulation and dependency among struggling consumers.

“Unfortunately, we are seeing the least-solvent consumers accumulating unmanageable levels of debt, while those best able to meet credit commitments are avoiding spending altogether,” Mr Jones said.

“Nearly one-in-three low-income households expect rising household debt levels, but with limited ability to pay this down. When consumers are increasingly forced to accumulate debt they are unable to manage, just to keep the family finances afloat, this has the potential to quickly become a vicious cycle,” Mr Jones said.

Should this cycle continue, and a portion of people continue to accumulate unmanageable debt levels, the result will be a possible increase in the number of credit file defaults – with the only saving being – well – savings.

The level of savings reported in the country is heartening – we have learnt from other countries post GFC, and the smart savings of many, whilst it may hurt the retail sector – would buffer many families from a credit debt crisis like we have seen in countries like the United States. But as often happens, for those with a high proportion of debt who don’t have the luxury of saving – they may be thrown into the debt cycle– robbing Peter to pay Paul just to stay afloat.

For those who accumulate a bad credit history, the prospect of recovery would be slow. For between 5 and 7 years they will be refused mainstream credit and be on the outer – any credit they are approved for would generally be at a higher interest rate, meaning they are going to struggle even further to pay back their debts. The consequence of possible defaults on new loans could mean they are trapped in this cycle for a very long time.

In this sense, for those who are living with credit file defaults which they believe shouldn’t be there, it would save them thousands by addressing the problem and having those credit rating errors addressed and potentially removed. As a safeguard for the future should lending criteria tighten even further, any inconsistencies on a person’s credit report should be addressed now – before it is urgent. People can contact a credit rating repairer to help with building a case to have those credit listings placed in error on their credit file removed – as their right and responsibility.

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Posted in Broker, Consumer, Industry News | Tagged ABS Housing Finance March, bad credi history, consumer sentiment survey, credit debt, credit file defaults, credit rating, credit rating repairer, credit report, Dun and Bradstreet Credit Expectations Survey, Graham Doessel, MyCRA Credit Rating Repairs, www.fixmybadcredit.com.au | Leave a comment

How To Save On Your Home Loan and Prevent Mortgage Stress

Posted on May 15, 2012 by GrahamDoessel

A drop in house prices across many parts of the country could see some families owing more than their homes are worth. Luckily interest rate cuts may offset this change and give people the chance to make some headway on their home loan despite the reduced equity. So what are some real and significant things families can do to actively reduce their home loan and prevent mortgage stress or at worst – bad credit from late payments?

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmaybadcredit.com.au.

The Australian Bureau of Statistics reported earlier this month that house prices around Australia have fallen by an average of 4.5 per cent over the past 12 months.

For people who have recently purchased their first home, this could amount to some negative equity – which is quite a frightening prospect for many. For those about to purchase their first home – it could put them off buying all together. But this may not need to be the case. Certainly many buyers in this market should be fairly cautious with where they buy – but it just may be a case of ensuring they look at their purchase as a long term investment – structuring their loan accordingly if possible and allowing for places where they can make extra payments to their loan.

The Sydney Morning Herald recently ran an article titled Extra payments a winner showing how the recent interest rate cut can actually make a significant difference for home owners if they continue to make mortgage repayments at the previous level.

“The 50-basis-point cut represents a $96 a month reduction in mortgage payments for home buyers with an average-size loan of $300,000 (assuming the full cut is passed on).

But for people who can afford to maintain their payments at their current higher level it presents a great opportunity to make inroads into their outstanding principal and build a buffer for tougher times.

Given the uncertainty in markets, and the economy, it is a good strategy to build greater equity in the home,” the article says.

They recommend visiting ASIC’s Money Smart website to calculate the potential interest saved on extra payments to their home loan: www.moneysmart.gov.au/tools-and-resources/check-asic-lists .

The article included this significant advice for borrowers:

A home borrower’s handbook to keep you out of trouble

❏ Know what you can afford. Don’t rely on the lender to tell you what you can borrow. Make your own assessment by writing a household budget with all outgoings and see if there is enough to cover the mortgage repayment. According to Veda Advantage and Fujitsu Consulting mortgage stress reports, the groups that most often get into trouble with repayments are low-income families and young families.

❏ Don’t just look at the rate. According to QBE LMI’s 2012 Australian mortgage market study, when people are looking for a loan they place most emphasis on the interest rate and the fees. Options such as redraw, offset and the ability to split the loan between fixed and variable rates are given a low priority.

❏ Stress-test your loan. Lenders will check to see if you can continue to make payments if rates go up 2 percentage points. What if rates go up 3 percentage points or more?

❏ Watch your credit-card spending. Surveys of people experiencing hardship with home-loan repayments show that large credit-card debts can be the trigger for arrears or defaults.

❏ Make extra repayments. According to ING Direct’s Financial Wellbeing Index, 40 per cent of mortgage holders are making extra repayments on their home loans. These payments serve two purposes: they create a buffer that can be called upon if circumstances require; and they speed up the repayment of the loan.

❏ Invest in your mortgage. A lump-sum payment that reduces the loan principal is, in effect, an investment with a return equivalent to the mortgage interest rate, free of tax.

❏ Deal with problems early. The Legal Aid Mortgage Stress Handbook recommends that borrowers seek advice early from their financial institution or a financial counsellor. Many people leave it too late.

Unfortunately, for those home owners who have entered into a higher interest rate with a non-conforming loan, the interest rate cuts will be negligible for them. They can be up for tens of thousands of dollars more during the first three years of the loan. Our calculations show on a home loan of $400,000 they could be charged an extra $22,867.15 more in home loan repayments over the first three years of the loan. This is based on average loan of $400,000 over 30 years on non-conforming loan interest rate of 9.5% versus the standard variable rate of 7%.

To calculate potential savings people can visit the MyCRA Calculator.

For people considering a non-conforming loan due to bad credit that should not be there, it would be extremely beneficial for them to instead look at disputing the credit listing and having their credit rating repaired. If they were successful in having listings removed from their credit report which either should not be there or were put there in error, they could restore their good credit rating in this instance and apply for a standard home loan – potentially saving themselves thousands.

But instead it is often the case that people get a negative credit listing after a dispute with a creditor or worse – surprise bad credit – and are under the impression they have to put up with the hand they are dealt with. Some contact their creditor, and are told that they can have the listing marked as paid if the account was paid, but the listing is never removed from their credit file. The ‘paid’ listing is unfortunately still going to be a detriment to their ability to qualify for a home loan and they are stuck with the tag of ‘bad credit’ for between 5 and 7 years depending on what’s on their credit file.

However, if the listing was put there unlawfully or unjustly, then the credit file holder does have the right to have those inconsistencies addressed and potentially removed from their credit file. It takes lots of knowledge of the relevant legislation and some good negotiation ability to be able to formulate a successful case to remove a listing. Which is where credit rating repairers come in – to act on the credit file holder’s behalf and enforce that legislation creditors are bound to comply with, helping to demand accuracy in credit reporting and negotiate for the removal of those listings which shouldn’t be there.

In this market – it can make all the difference for a potential borrower – and be a fight entirely necessary to make to ensure people get the home loan they deserve.

For help and advice on credit rating repair, contact MyCRA Credit Rating Repairs on 1300 667 218 or visit our main website www.mycra.com.au.

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Posted in Broker, Consumer | Tagged bad credit, credit file, credit rating, credit rating repairer, credit report, disputing credit listing, Graham Doessel, mortgage repayments, mortgage stress, MyCRA Credit Rating Repairs, non-conforming loan, save on home loan, www.fixmybadcredit.com.au | Leave a comment

Liar liar…why honesty is the best policy when obtaining and repairing credit

Posted on May 10, 2012 by GrahamDoessel

We look at the dangers of being less than honest when it comes to finance and how you can lose your good credit rating because of lying on your finance application. We also see how lying can cross over into credit repair – and how a lie will invariably be caught out and ruin your chances of restoring your good name.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Lying to your lender

One of the most drastic causes for a bank rejecting a loan application is through fraud or through not disclosing all information. So why do so many people still lie on their finance application?

Perhaps we want to appear to earn more than we actually do, or perhaps we don’t want the lender to know all of our debts?

But according to RateCity.com.au in its article Why risk it? Don’t fib on your mortgage application, people who lie on their finance application are putting themselves at risk.

“Typically the amount you are approved for on a home loan is based on the information in your application, so lying about this means you have a higher chance of over-committing yourself and not being able to afford the repayments with the possibility of losing your home. Lying can also impact your credit history which will affect any future applications and loan approvals.

Being dishonest can make you look bad because if you are lying about one thing they may wonder what else you are lying about. If you are caught out your lender could deny your application and you could lose your chance of buying the home of your dreams, so why risk it?” the article says.

The article quotes a Veda Advantage study showing 1.6 million Australians have lied about their financial information when applying for a loan, including mortgages.

“one in 10 Australians admitted to not being truthful in order to obtain a loan. A massive 823,000 borrowers said their total expenses were less than what they actually were and 342,000 said they earned more than they really did,” the article says.

The introduction of new obligations on brokers and lenders through the National Consumer Credit Protection Act (NCCP) means financial institutions will have access to more of personal financial records so that they are better able to accurately assess the credit risk of each application.

It is likely that people caught giving false information on their applications will have more chance of being caught, and their future tarnished.

If you are caught lying, your application is normally completely dismissed. Also, your omission could be viewed as purposeful deception or fraud.

So honesty really is the best policy.

If you’re not sure whether you will be approved for finance, rather than lying on your application, it might be a good idea to talk honestly to a broker about your situation prior to making a finance application and prior to creating a ‘credit enquiry’ listing on your credit file. The more good honest information they have, the likelier they may be able to assess your chances of getting over the line prior to the application – they could even run something past a lender for you if there’s something in particular you are unsure about.

Lying to your credit rating repairer

Likewise, some people are so desperate for credit they even lie to their credit repairer if they need bad credit history removed. It can be a case of people telling their credit repairer what they think they want to hear rather than the truth. But this is no help to you or to us.

When addressing credit listing complaints, the truth generally catches up with consumers as well as creditors.

Credit rating repair is about enforcing legislation to negotiate the removal of credit listings that have been placed unlawfully on your credit file.

In order for the credit rating repairer to exhaust all avenues for removing an unfair listing, we need the truth, the whole truth and nothing but the truth.

Creditors generally have extensive records on correspondence with you, as well as the circumstances around the placement of the negative listing on your credit file. If we work on your behalf to apply the letter of the law in the wrong circumstances your request for correction or dispute is most often rejected and you lose your right to have your credit file listing removed – regardless of whether it should have been there or not.

The best course of action is to be upfront about your circumstances and the credit rating repairer can decide whether based on the truth, you would qualify for credit rating repair. If you do qualify, the credit rating repairer knows everything about your case and they can prepare a better quality complaint in less time.

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Posted in Broker, Consumer | Tagged bad credit history removed, credit file, credit listing complaints, credit rating repairer, credit repair, Graham Doessel, lying on your finance application, MyCRA Credit Rating Repairs, NCCP, www.fixmybadcredit.com.au | Leave a comment

Identity theft prevention in Budget 2012

Posted on May 10, 2012 by GrahamDoessel

The Government is continuing with its plans to implement a national system for identity theft prevention through document verification by opening up its system to the private sector – despite or because of the slow uptake amongst government entities. The Government is holding on to the failing service in the hope of recovering money through the private sector. We look at this service and the benefit for identity theft prevention and protection of your credit rating.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Identity theft which escalates to fraudulent identity documents invariably can lead to the perpetrator being able to take out credit in the victim’s name. Access to credit cards, loans and even property can all be possible. The victim can lose their ability to obtain credit if their credit rating is tarnished through identity theft. They may even be refused a mobile phone plan for the term of the credit listing – which is between 5 and 7 years depending on the listing type.

So a few years ago the Government attempted to prevent the growth of fraudulent identity documents by implementing the National Documentation Verification System (DVS).

The DVS forms part of the National Identity Security Strategy and is intended to provide an electronic validation platform that allows authorised government agencies to cross-check identity documents to identify their clients and prevent identity theft or fraud and misuse of the victim’s good credit rating.

“It helps protect people’s identity and their privacy by allowing documents commonly used as evidence of identity to be checked electronically, quickly and directly by the document’s issuing authority,” Former Attorney-General Robert McClelland said in a statement to the media.

“Through the DVS it is possible to verify the validity of Australian-issued passports, visas, as well as birth, marriage and change-of-name certificates and driver licenses from States and Territories.”

According to ZDNet this week, the Government plans to spend $7.5 million more on this service to open it up to local businesses. ZD Net says in its story Budget 2012: ID verification opened to business, this is in order to recoup losses from the system’s troubled deployment since its $28.3 million inception in the 2006-7 Budget.

In our post last year Can Official Documents Be Forged to Commit Identity Fraud? we blogged about the flailing DVS system. The road to implementation of this system had been neither cheap nor easy, with many reports of agencies failing to implement the system.

At the time, technology and security publication, CSO criticised the slow take-up of the service in its article ‘Australia crawls towards its answer to identity fraud’.

The story features the Australian National Audit Office’s report on the program’s implementation. The Report slammed the program’s sluggish roll out, noting that the “rarely used” system was unlikely to strengthen Australia’s personal identification process in the near future.

It says the main problem was that many of the identity issuer and user agencies, such as Centrelink, the Department of Immigration, and state road authorities and birth and death registries, were not connected to DVS. Verification using the system also took longer than 20 seconds in a quarter of transactions, eroding its promised efficiency gains and convenience

Possible merits for business

According to Attorney-General Nicola Roxon this week, opening the system up to the private sector will allow the government to recover the cost of the program by bringing in an estimated revenue of $6.9 million per year through transaction fees for the service.

The government claims that the service will help businesses save money by reducing unnecessary manual processes, data collection and recordkeeping. It has already seen interest from businesses in the telecommunications and financial-services industries.

“Extending the document-verification service to business will improve identity security and support law-enforcement efforts against identity crime,” Roxon says in ZD Net.

Businesses will be able to apply to use the service from the end of this year.

The verification service does not allow access by agencies or private companies to the databases themselves, but rather sends encrypted verification requests to the relevant document issuing authority, which returns either a ‘yes’ or ‘no’ response to verify that person’s identity.

With an ever-growing risk of identity theft for consumers and with it the pressure of compliancy to stronger privacy laws for business we may see this system take off as a potential safeguard for identity verification in the private sector in the future.

If you would like more infromation about identity theft or need help in recovering your good credit rating, contact a reputable credit rating repairer, MyCRA Credit Rating Repairs tollfree on 1300 667 218 or info@mycra.com.au.

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Posted in Identity Theft | Tagged credit rating, document verification, DVS, Graham Doessel, identity theft prevention, MyCRA Credit Rating Repairs, www.fixmybadcredit.com.au | Leave a comment

The credit card mistakes that increase your risk of bad credit history

Posted on May 8, 2012 by GrahamDoessel

What are the mistakes you could make with your credit card that potentially increase your risk of bad credit history? We look at the advice for credit cards that could save your credit rating.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Savings Guide Australia featured a great article on the 7 Classic Credit Card Mistakes. It reports on info from MSN Money on the Seven Deadly Sins of Credit Card Use. They provide some useful information on the right way to think to avoid credit card mistakes that could hinder your credit report.

Some really important points from this SavingsGuide.com.au article are:

Don’t max out the credit card…

“Consistently nudging your limit at the end of the month is a sign you should be reconsidering your usage and budgeting to allow more financial space for saving.”

Be wary of unnecessarily high credit limits…

“It doesn’t even matter whether or not your card is maxed out, when applying for a loan, your credit limit becomes important. If it’s high, it can undermine your approval opportunities.”

Avoid Cash Advances…

“The price is high; huge interest calculated from the day you borrow, making it very difficult to get on top of your credit card repayments. Avoid at all costs.”

Here are some more ideas to prevent your credit card use from leading to a bad credit rating from my post on How to avoid bad credit history from credit card debt:

Create your own credit limit.
Set yourself a limit based on what you can comfortably afford to repay. It’s important to realise that you will pay at some point for the credit you use. Make sure at worst case scenario you can afford to repay it. You will then have confidence in your spending without the temptation to overspend.

Don’t exceed the credit limit.
This will just mean you incur hefty charges.

Pay off the balance each month.
Ideally, pay off the entire card balance within the interest free period. If you don’t, you will be charged interest right back to the date you purchased each item. You not only lose the interest-free period on those past purchases, but until you pay off the balance there will be no interest free period on anything you spend in the future.

Or, choose a low interest card, but still pay more than the minimum repayment amount each month.
If you have debt which carries over on your card month to month you should look at a card that has a lower interest rate. It may not offer an interest free period, or hefty rewards points, but the lower interest rate should mean the carried over debt is more manageable for you, and will prevent possible bad credit history.

If you want to see what is said about you on your credit report, you can do this for free every 12 months from Australia’s credit reporting agencies. For help with getting a copy of your yearly free credit report, you can contact MyCRA.

We may also be able to help repair your bad credit history, or give you more information on your credit rating. Visit our website www.mycra.com.au or call MyCRA Credit Rating Repairs tollfree on 1300 667 218 for more details.

Posted in Consumer | Tagged bad credit history, credit card mistakes, credit cards, credit rating, credit report, Graham Doessel, MyCRA Credit Rating Repairs, repair bad credit history, www.fixmybadcredit.com.au | Leave a comment

Credit reporting law changes – a look at complaints handling

Posted on May 8, 2012 by GrahamDoessel

Credit reporting is set to be overhauled. In our arena of helping consumers make complaints and dispute their credit reports - ease of credit listing dispute for consumers would be a positive move. We look at just what to expect from these new credit laws in terms of disputed credit listings. Will consumers be given a bigger voice to make credit listing complaints?

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

In a statement to the media on Wednesday, Attorney-General Nicola Roxon announced the next step in major legislative change to credit reporting. Amendments to the Privacy Act (1988) will be introduced during the Winter Sitting of Parliament.

This finalises a long process of consultation following original recommendations made in a report by the Australian Law Reform Commission (ALRC) For your information: Australian Privacy Law and Practice back in August 2008.

The ALRC report recommends 295 changes to improve Australia’s privacy framework, including major changes to credit reporting law. The government then opted to respond to the Report in two stages, the first of which was released in October 2009. The first stage response outlines the government’s position on 197 recommendations relating to:

• developing a single set of Privacy Principles
• redrafting and updating the structure of the Privacy Act
• addressing the impact of new technologies on privacy
• strengthening and clarifying the Privacy Commissioner’s powers and functions
• introducting comprehensive credit reporting and enhanced protections for credit reporting information
• enhancing and clarifying the protections around the sharing of health information and the ability to use personal information to facilitate research in the public interest.

Further information is available from www.ag.gov.au/Privacy/Pages/Privacy-Reforms.aspx.

Draft legislation on this First Stage Response for the Credit Reporting provisions was put to the Senate for tabling, and for referral to the Finance and Public Administration Committee to consider. The Committee’s final report on the credit reporting provisions was released in October 2011.

On Wednesday the Attorney-General promoted changes to credit reporting arrangements as a ‘modernisation’.

“There have been big changes to the way we access finance since 1990 when the existing credit reporting provisions came into effect,” Ms Roxon says.

She says benefits for consumers include:

• making a clear obligation on organisations to substantiate, or show their evidence to justify, disputed credit listings
• making it easier for individuals to access and correct their credit reporting information
• prohibiting the collection of credit reporting information about children
• simplifying the complaints process by removing requirement to complain to the organisation first, complaints can be made directly to the Privacy Commissioner, and by introducing alternative dispute resolution to more efficiently deal with complaints.

“Many consumers have expressed their frustration at not being able to understand their credit rating.

“These changes will provide much more power to consumers to be able to access and, if necessary, correct their credit reports.”

The Government expects the credit industry will benefit because the reforms provides a more accurate picture of an individual’s credit situation to help them make a robust assessment of credit risk, which is expected to lead to lower credit default rates.

The role of the Privacy Commissioner will also be boosted so complaints and investigations can be more easily resolved.

The Privacy Commissioner said in a speech on Exploring the Changing Privacy Landscape and Impending Regulations on Friday that he can see benefits for consumer credit ratings.

“Turning now to the credit reporting arrangements, changes include a clearer obligation on organisations to substantiate, or show their evidence to justify, disputed credit listings.

On the consumer side, there will easier access for individuals to correct credit reporting information,” Privacy Commissioner Timothy Pilgrim said.

The clearer obligation for on organisations to substantiate or show evidence to justify disputed credit listings would be a positive change cementing requirements of creditors and hopefully easing some of the difficulty in having credit reporting information corrected.

Currently the official procedure for making complaints to creditors about credit listings has been inadequate. The section on Complaints in the Government’s Exposure Draft introduced a clear process of complaint for the consumer and the obligations of creditors and or credit reporting agencies to follow when a consumer makes an official complaint including escalation of that complaint.

But the actual process came under criticism from reports to the Senate Committee for its complexity and two-step process of correction request and official complaint – which could confuse consumers.

The Office of the Australian Information Commissioner (OAIC), Consumer Action Law Centre and Consumer Credit Legal Centre NSW voiced concern that the two stop approach resulted in a complex complaints handling process.

It was also criticised by some creditor bodies for sometimes crossing over existing law in their individual Acts.

It is unclear what the outcome will be from the Senate and what will be certain to be included as new law in the Complaints arena.

It is still likely that as consumers will need to address complaints as they relate to law, it could remain difficult for consumers who are not skilled in credit reporting law and don’t have the time to get educated on it to make a successful case to creditors in some instances. So whilst they may be provided with more justification from the creditor on why the listing should be there, the process could still put consumers in the position of needing to be savvy with credit reporting law to have muscle to dispute that justification.

And whilst consumers may find the official process of complaint easier, there still may be issues around negotiating with creditors on their own behalf which could hinder their chances of successful dispute.

For more information on how credit listing errors could affect your ability to obtain credit contact MyCRA Credit Rating Repairs 1300 667 218 or visit the main website www.mycra.com.au.

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Posted in Industry News, Privacy Commissioner | Tagged ALRC, Attorney-General Nicola Roxon, credit listing complaints, credit listing dispute, credit reporting law changes, credit reports, disputed credit listings, Graham Doessel, MyCRA Credit Rating Repairs, privacy law reform, www.fixmybadcredit.com.au | Leave a comment

12 Quick Privacy Tips for Parents

Posted on May 6, 2012 by GrahamDoessel

As we close off Privacy Awareness Week 2012, it’s important to take away some information that people can use in their daily lives to protect their personal information, to prevent identity theft and to protect the integrity of their credit file from credit fraud. If you are a parent who wants to get involved in what your child is doing online, or even if you feel overwhelmed by the online options open to young people today – this information could save you from the dangers that occur through internet use and allow both and your child to get on the same page about online safety.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

The Office of the Privacy Commissioner, Canada has put together some information for parents on 12 Quick Privacy Tips which show how to navigate a digital environment and how parents can lead their children in better Privacy practices.

We have included this information sheet for you in its entirety:

12 Quick Privacy Tips for Parents

It can be tough raising kids in a digital environment. Many of them use the Internet effortlessly, and easily adapt to new devices that connect to it. For many of us, these tools have become a routine part of our children’s lives, as they use them to chat, surf, post, play and learn. The Internet has become one of the most powerful tools they have to connect with friends and make new ones.

Many kids, however, don’t fully understand the impact that some online activities may have on their privacy. Below are 12 tips to help you limit the risks to your children’s personal information, while allowing them to make the most of their time online.

•1. Talk to your kids.
It’s important to know the Internet spaces your kids frequent and the devices they use to go online, to help you understand the nature of personal information they may be sharing. Technology changes rapidly and many children are ahead of adults in adapting to new options. Talk with them often about their online activities to keep up with what they are doing and interested in.

•2. Try it out.
It’s not enough to know what online spaces and devices your kids are using. To understand the nature of the personal information they are sharing, you should know how they are using and experiencing them. So, dive in. Try out the family web cam if you have one, play the online games they love, create a profile on the social networking sites they frequent, and download some music.

•3. Keep up with the technology.
Many mobile devices, like smart phones, tablets and gaming consoles, can connect to the web and have video cameras. The lines between devices are blurring, and it is important to know what kind of device your child has, so that you know whether they are merely playing a game, or if they are using the Internet and sharing personal information.

•4. Make restricting privacy settings a habit.
Most social networking sites have extensive privacy options that children should learn to use. For each site where your kids are posting information about themselves, their family and their friends, sit down with them and review that site’s privacy policy. Then modify the privacy settings of their account, and have them consider how the information they are posting could be used – or misused – by others.

•5. Make password protection a priority.
Children need to understand that their online information will be better protected if they use passwords. They should use different passwords for different sites and they should change them regularly. Encourage them to ensure their passwords are strong (eight characters or more and a variety of letters and/or numbers), to change them regularly, and to never share them with anyone.

•6. Emphasize the importance of protecting mobile devices.
The first thing anyone should do with a new mobile device is activate the password protection. Talk to your kids about this, and the importance of protecting the device itself – not just because it may be expensive, but because it may contain their personal information. A device that gets into the wrong hands could result in embarrassing or even malicious videos or pictures being posted online by someone else in your child’s name.

•7. Remind your kids that what they post on the Internet is not always private.
Your kids should understand that once they post content online, they no longer have control over it. It can be forwarded, copied and pasted, manipulated, printed out or saved – it can remain online, in some form, potentially forever. They should know that even password-protected pages are not totally secure, and that deleting information doesn’t mean that it’s gone forever.

•8. Teach your kids to think before they click.
It can take only seconds to snap a photo and post it to the Internet, or to post a comment. But it can be nearly impossible to permanently delete that comment or photo once it’s posted, as it can then be downloaded or archived by others. This is why it’s so important for kids to think twice about every piece of personal information before they post it to the Internet. They should only post things that they would be comfortable with the whole world seeing.

•9. Stress the importance of knowing your real friends.
Kids need to know that, online, they can’t be 100% sure of who they’re talking to, so they should never accept friend requests from people they don’t know in real life. Online friends can end up accessing online photo albums, reading personal comments, copying and pasting information, knowing what you’re doing and where you are. Remind your kids that a “friend” of a “friend” of a real-life friend is really just a stranger.

•10. Teach your kids that their personal information is valuable.
Kids need to know that many people and companies want their personal information to sell or market things to them in the future. New and exciting technologies are emerging daily, but often personal information is the cost of admission. Review the personal information they often need to surrender in order to play online games, fill out an online survey or quiz, join virtual worlds or even just shop online. Discuss potential ways to limit that information, for example, by completing only required fields, using pseudonyms, and using incomplete information.

•11. Let your kids know that you are there if they make a privacy mistake.
Stay calm if your child makes a mistake, like posting something they shouldn’t have. Help them remove the post, where possible, and talk with them about how they can avoid a similar mistake in the future. If you “freak out” or deny access to them, they may not come to you for help when they really need it in future.

•12. Set a good example.
Remember, those cute potty training or bathing photos of your own child that you are tempted to post can also be copied and shared, and remain online forever! Just as you would respect your friends when posting photos or other items that contain their personal information, respect your kids’ personal information too. Set a good example when you’re online so your kids have a good role model to look to if they’re wondering what kind of information is OK to post.

Credit fraud: What can happen to your child if their personal information is extracted by fraudsters

Superintendant Brian Hay from the Queensland Fraud Squad told Channel 7’s Sunrise Program in October last year, that criminals were targeting the personal information of our young Facebook users.

Supt Hay said criminals had been known to be storing the personal information of children around the world in databases to be used when they turn 18 and are able to take out credit.

“We know that the crooks have been data warehousing identity information, we know that they’ve been building search engines to profile and build identities,” he told Sunrise.

“We need to tell our children if you surrender your soul, if you surrender your identity to the internet it could come back to bite you in a very savage way years down the track,” he says.

Most identity theft victims have no idea they have given away personal information to fraudsters until it is too late. If identity fraud sees accounts in the victim’s name going undetected and unpaid past 60 days, the credit file holder can have their good name destroyed for 5-7 years due to defaults.

It need not be major fraud to be a massive blow to the identity theft victim. Unpaid accounts for as little as $100 can have the same negative impact on someone’s ability to obtain credit as a missed mortgage payment. So any misuse of someone’s credit file can be extremely significant.

For more education for parents about the risks of cyber-crime and tips for staying safe, the Government has put together the CyberSmart website, which has special sections for parents and children. You may also like to visit the government’s Stay Smart Online website, which provides information for Australian internet users on the simple steps they can take to protect their personal and financial information online. It also has an Alert system which you can subscribe to, which notifies you of the latest risks to your personal information or computer.

Don’t get caught with credit rating defaults that should not be there. Don’t let fraudsters take over your good name. Educate yourself on what a valuable commodity your personal information is, and how you can protect what is your ticket to financial freedom in this modern world – your credit file – from fraud.

Image above: Keerati/ FreeDigitalPhotos.net

MyCRA Credit Rating Repairs is proud to be a Partner for Privacy Awareness Week 2012.

Posted in Identity Theft, Privacy Commissioner | Tagged credit file, credit fraud, credit rating defaults, data warehousing, Graham Doessel, Identity Theft, MyCRA Credit Rating Repairs, Privacy Awareness Week 2012, privacy tips for parents, www.fixmybadcredit.com.au | Leave a comment

Are you at risk of identity theft?

Posted on May 4, 2012 by GrahamDoessel

How much are you putting your life, your personal information and your credit file at risk of fraud? Test your awareness of identity theft, determine what you don’t know and take some steps to protect you and your family. This initiative is part of Privacy Awareness Week 2012, of which MyCRA Credit Rating Repairs is a partner.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Last year, as part of Privacy Awareness Week, the Asia-Pacific Privacy Authorities developed an Id Theft Self-Assessment Test in which you are asked 11 questions on various topics. At the end, you will receive an assessment of how at risk you are of identity theft.

Here’s some things you may not know about identity crime…

Identity crime is an area which is ever-growing and ever-changing.

It is reported that 1 in 6 people in Australia is a victim or knows someone who has been a victim of identity theft or fraud in the past 6 months.

Victims are not always ‘gullible’ as may be the impression in the wider community. Many experts say it is not a matter of if you experience an identity theft attempt, but when.

It can originate from someone you know – for example an acquaintance obtains identity documents or credit card details to impersonate you. Or more increasingly it comes from professional fraudsters whose main occupation is to steal personal information and financial details in order to commit fraud.

Fraudsters are after your personal information. The internet is a big source of personal information and its ever increasing use makes you more vulnerable to identity crime than ever. This means identity crime can have very long arms – often it originates from overseas crime syndicates. Social networking, online banking, company databases and email scams can all be havens for today’s cyber- criminal.

You can also fall victim to a number of rampant telephone scams, credit card skimming, or criminals can also take to going through your rubbish bin for anything they may be able to use to steal your identity.

Identity theft is increasing because the pay-offs are huge for criminals. It is estimated identity crime costs Australians $1 billion a year (OECD Committee on Consumer Policy, Online Identity Theft, February 2009, p. 37).

In cyber circles alone, world estimated costs for cybercrime are staggering. Cyber-crime expert Mischa Glenny says that while there are no precise figures out there, the White House suggested in 2009 that cybercime and industrial espionage inflicts damage of around U.S. $1tn per year, which is almost 1.75% of GDP.

“Traditional bank robbers must be absolutely gobsmacked when they hear sums like this being hoovered up by cyber- criminals week in, week out,” he says.

How can I be affected?

We consider if someone is alerted to having money stolen from credit cards early, or perhaps is able to call their bank and stop fraud in its tracks – that they are the lucky ones.

The unlucky identity theft victim is unaware of the fraud until their identity is misused, and their credit rating with it. When identity theft damages your credit rating – it is because the fraudster has been able to overtake credit accounts, or has gained access to enough personally identifiable information about you to forge new identity documents.

This gives the fraudster access to credit cards, loans, even mortgages which allows them to extract significant amounts of money without you realising it straight away.

If credit accounts are not repaid – after 60 days you may be issued with written notification of non-payment and the intention for the creditor to list a default on your credit file. It is at this moment that some people who were previously unaware of any problems find out they have been victims of this more sophisticated type of identity theft.

But often the credit file holder has also had their contact details changed – and this means it is not until they apply for credit in their own right and are refused that they find out about the identity fraud. This can be a significant time after the initial crime.

Some signs to watch out for include:

1. Strange unaccountable withdrawals on credit or personal bank accounts. It may not need to be a big amount to indicate fraud. Many criminals do ‘test’ amounts to begin with before extracting more significant amounts.
2. Phone calls or emails from what often appear to be legitimate companies, asking for money or personal details. If you have given bank details or personal information in this way either online or on the phone there is a high chance it was a scam. Verify with the company in question.
3. Can’t log in to social networking or bank accounts.
4. Credit refusal
5. Bills or letters of demand sent to you for accounts you don’t know about
6. Missing mail – particularly credit card statements which could indicate someone has overtaken your accounts. In this case no news is not good news.

What can I do if I suspect I am a victim of identity theft?

Notify Police immediately. Many people do nothing due to embarrassment, or because they don’t believe the fraud was significant enough. But is only through this crime getting reported that statistics get collated, and we start to have any chance of catching the criminals.

Notify creditors. You may need to cancel credit accounts.

Obtain a credit report. This report is free once per year for every Australian who holds a credit file. It will indicate to you whether any of your contact details have changed, or whether there have been credit enquiries on your account. If you act quickly enough, you may be able to stop your credit rating from being affected by black marks which would come from fraudsters obtaining credit in your name.

Notify credit reporting agencies of the possible fraud. They will be able to put an alert on your credit file.

Police may assist you in obtaining a Victims of Commonwealth Identity Crime certificate, if they believe you are eligible. You can apply to a magistrate in your State for this certificate, which may help in recovering your credit rating or credit accounts. Victims need to have had a Commonwealth Indictable Offence committed against them. For more information, visit the Attorney-General’s website www.ag.gov.au.

What steps can I take to prevent identity theft?

1.Keep virus software up to date on your computer. Install automatic updates and perform regular virus scans.
2.Keep your privacy settings secure on all social networking sites.
3.Keep our passwords and PIN numbers secure. Don’t carry PIN numbers with your credit/debit cards, change passwords regularly and use a variety of passwords for different purposes.
4.Check all your credit card and bank statements each time they come in.
5.Cross-shred all personally identifiable information which you no longer need.
6.Buy a safe for your personal information at home.
7.Do not give any personal information or credit card details to anyone via phone or email unless you are sure the site is secure, and or you can verify the company details.
8.Be aware of who gets our personal information and for what purposes. What can these people do with the information they are gathering? For instance, is it really necessary for the site you are registering on to have your date of birth?
9.Keep up to date with the latest scams by subscribing to the government’s ‘SCAM watch’ website. For a list of ways your computer can put you at risk, visit the governments Stay Smart Online website www.staysmartonline.gov.au.
10.Check your credit file.

If you or someone you know needs help to remove bad credit history on their credit rating following identity theft, contact MyCRA Credit Repairs, www.mycra.com.au or call tollfree on 1300 667 218 for confidential advice and help restoring your good name.

Image above: Chris Sharp/ FreeDigitalPhotos.net

MyCRA Credit Rating Repairs is proud to be a partner for Privacy Awareness Week 2012.

Posted in Identity Theft | Tagged credit file, credit rating, credit report, Fraud, Graham Doessel, identity crime, Identity Theft, MyCRA Credit Rating Repairs, Privacy Awareness Week 2012, remove bad credit history | Leave a comment

Privacy Protection set to be heightened under Australian Law

Posted on May 3, 2012 by GrahamDoessel

Big changes are coming for Australian privacy rights and laws governing the use of personal information. The Australian Government has announced it will make the first set of changes to the Privacy Act 1988 in the Winter sitting of Parliament. The announcement came yesterday from Attorney-General Nicola Roxon, who intentionally announced the changes to coincide with Australia’s Privacy Awareness Week.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

The Attorney-General said in her statement that Australia’s privacy laws will be reformed to better protect people’s personal information, simplify credit reporting arrangements and give new enforcement powers to the Privacy Commissioner.

The Attorney explained that key changes to benefit consumers are:

• clearer and tighter regulation of the use of personal information for direct marketing
• extending privacy protections to unsolicited information
• making it easier for consumers to access and correct information held about them
• tightening the rules on sending personal information outside Australia
• enhancing the powers of the Privacy Commissioner to improve the Commissioner’s ability to resolve complaints, conduct investigations and promote privacy compliance

These changes are part of a long consultation process coming out of recommendations made within the Australian Law Reform Commission’s report For your information: Australian Privacy Law and Practice.

The changes will include new powers for the Privacy Commissioner to enforce privacy laws. Commissioner Timothy Pilgrim said in a statement to the media these changes were a significant step forward and will allow him to better resolve privacy investigations more effectively.

“The strengthening of these powers also sends a strong message to government agencies and businesses covered by the Act that there can be significant consequences when personal information is not given an appropriate level of protection.”

“These changes give me more options when undertaking an investigation on my initiative. At the moment I can only make a determination when I am investigating a complaint made by an individual,” Mr Pilgrim said.

The powers of the Privacy Commissioner to investigate Privacy complaints has previously come under criticism, particularly following the well-publicised global Sony Data Breach in April 2011 which seemed to showcase the gaping hole in Australian Privacy Law at the time. The data breach left the personal information of approximately 77 million Sony customers worldwide exposed to hackers and threatened the victims with possible identity theft and credit file misuse.

Criticism was sparked by the Commissioner’s lack of powers to make determinations following any investigation, and also Australia’s absence of mandatory data breach notification law. It was well publicised that Sony took over a week to notify it’s customers of the data breach, in the process potentially exposing customers to identity theft and credit file fraud.

A recent survey conducted by the University of Canberra and eBay Australia found that Australian internet users were highly concerned about identity theft and wanted government to order businesses to notify users of online data breaches.

The survey, reported in CIO Magazine Call for mandatory data breach notification grows: Survey found 85 per cent of 700 Australian participants want data breach notifications to become mandatory. Here is an excerpt from that story:

In addition, 86 per cent of respondents cited identity theft as their greatest privacy concern, while 83 per cent mentioned financial data loss as their biggest concern.

The survey also found that the financial sector was the most trusted when it came to privacy (42 per cent).

Social media was the least trusted industry on privacy with only 1 per cent of respondents saying they trusted websites such as Facebook. Sixty-one per cent of Australians surveyed nominated the social media industry as having the worst privacy practices.

Privacy Commissioner, Timothy Pilgrim, said that the high level of support for mandatory data breach notifications is not surprising given significant data breaches over the past year such as the Sony PlayStation Network compromise.

“Incidents are on the rise as weaknesses become apparent in business systems at the same time as hackers become more sophisticated,” he said in a statement.

“I encourage businesses to look at our guide which not only outlines how to respond to a breach, but also how to avoid a breach in the first place by focusing on the security of their systems,” Pilgrim said.

Other privacy law reform changes will include the introduction of a set of Australian Privacy Principles, and importantly, changes to credit reporting law.

Some changes Attorney-General Nicola Roxon chose to highlight in her statement yesterday include:

We will be watching with intense interest at how the whole barrage of changes around credit reporting could possibly impact consumers and their credit files. The above four recommendations would be a great improvement as currently consumers can experience difficulty when disputing entries on their credit reports.

MyCRA is proud to be a Partner for Privacy Awareness Week 2012.

Posted in Identity Theft, Privacy Commissioner | Tagged Attorney-General Nicola Roxon, credit file, credit reporitng, credit reporting law, credit reports, Graham Doessel, mandatory data breach notification, MyCRA Credit Rating Repairs, Privacy Act 1988, Privacy Awareness Week, privacy commissioner, privacy law reform, Privacy laws, Timothy Pilgrim, www.fixmybadcredit.com.au | Leave a comment

Privacy Commissioner reports data breaches on the rise

Posted on May 2, 2012 by GrahamDoessel

As part of Privacy Awareness Week 2012, over 180 business leaders met in Sydney this week to discuss the topic of data breaches. Data breaches can occur through lost or stolen laptops, portable storage devices and paper records, or through databases being ‘hacked’ into or organisations mistakenly providing information to the wrong person. The effects of data breaches can be theft of identity and potentially credit fraud leading to bad credit history for the victim. The Privacy Commissioner claims there is in effect one data breach a week in Australia – an increase of 27 per cent from last year.

This is an excerpt from Privacy Commissioner Timothy Pilgrims statement to the media on Monday on data breaches in Australia:

“The Office of the Australian Information Commissioner (OAIC) was notified of 56 data breaches in the last financial year, equivalent to a data breach a week. This is up from 44 in the previous year, an increase of 27 per cent,” Mr Pilgrim said.

However, the Privacy Commissioner also noted that he opened a further 59 investigations into other breaches where he wasn’t notified of the incident.

“Serious harm can befall people when the security of their personal information is compromised”, Mr Pilgrim said. “It is our view that whenever there is a real risk of serious harm, affected individuals should be notified.”

…Data breach notification is not a mandatory obligation applying generally to government and business in Australia. However, there is increased pressure on the Government to introduce laws to make it a general legal requirement as it is elsewhere — data breach notification is already a mandatory requirement in Europe, the UK and the United States….

The Privacy Commissioner warned that in some circumstances, it may be a breach of the Privacy Act not to notify as organisations covered by the Privacy Act must take reasonable steps to protect the information they hold.

For businesses who would like a reference for guidelines on handling personal information security breaches, the OAIC has released this document:

Data breach notification: A guide to handling personal information security breaches. It outlines four steps to consider when responding to a breach or suspected breach and also outlines preventative measures that should be taken as part of a comprehensive information security plan.

Personal information has become a valuable commodity used to commit identity fraud and potentially ruin the victim’s financial future.

We can’t take lightly the possibility that any company that keeps data on its customers could be exposed to data breaches. Identity theft is becoming more prevalent, and personal information is lucrative for fraudsters.

Personal information in the wrong hands can lead not only to identity fraud, but the misuse of the victim’s credit file, which can have significant long term consequences.

Data breaches are difficult for individuals to have any control over, and the only way people can ensure their details are safe are to demand that the companies they deal with have strong IT systems before disclosing that information.

The Australian Crime Commission’s Identity Crime report advises consumers on ways they can protect their personal information. They advise all individuals to obtain a copy of their credit report annually in order to keep abreast with any changes to their credit file which may point to identity theft.

This could detect suspicious entries such as new credit enquiries or changes in contact details which would point to an identity theft attempt, allowing steps to be taken before the fraud affects the person’s good credit rating.

If a person may be vulnerable to identity theft through a data breach, they should check their credit file immediately, and also contact Police who will advise them on the best course of action to take to restore their accounts and potentially their good name. This could include applying for a Victims of Commonwealth Identity Crime Certificate – which covers particular Commonwealth Identity Crime and can aid in recovery.

If people need help to prepare a case to creditors for default removal following identity theft, it may help to contact a reputable credit repair company.

Image above: David Castillo Dominici/ FreeDigitalPhotos.net

MyCRA Credit Rating Repairs is proud to be a partner for Privacy Awareness Week 2012.

Posted in Identity Theft, Privacy Commissioner | Tagged AUSTRALIAN CRIME COMMISSION, bad credit history, credit file, credit fraud, credit rating, data breaches, identity crime, Identity Theft, MyCRA Credit Rating Repairs, Privacy Awareness Week, privacy commissioner, Timothy Pilgrim | Leave a comment

How to fix a bad credit rating – in Australia

Posted on May 1, 2012 by GrahamDoessel

How do you fix a bad credit rating? Well it depends on where you live. In Australia it can be difficult, but not impossible. Australians are best to follow advice from our own shores. Here’s some information on credit reporting in Australia and 5 ways you can improve your chances of obtaining credit.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Google ‘fix bad credit rating’ and the list of articles on improving your credit score can be a mile long with countless advice on bad credit solutions and suggestions to fix what the banks see as bad credit history. People are looking for a way to overturn or ‘counteract’ a bad credit listing and get the best chance of approval for home loans, personal loans or any forms of credit.

What many don’t realise is that many articles from the U.S. and U.K. are not relevant on Australian shores. These countries have ‘positive’ credit reporting systems – very different from Australia’s. So the information, whilst good, often doesn’t apply for people in this country.

In fact, many times if Australians follow that information they may actually be hindering their chances of obtaining credit in the current market, not helping it.

So here is some information for people concerned about their credit rating, to have as a reference for what applies in this country for our unique credit reporting system.

What exactly is my credit file?

A credit file is made for every person who is credit active in Australia. The credit reporting agencies currently providing credit reports are Veda Advantage, Dun & Bradstreet, and Tasmanian Collection Service (if Tasmanian). There is also a new entrant Experian, but they are currently only collecting data.

A person’s credit file contains their personal information. It also records any credit applications, all loans which are current and also records any adverse listings such as Defaults, Writs, Judgments, Clear-outs or Bankruptcies* which are issued under that person’s name.

It is from this file that creditors make a decision whether or not to lend people money. This information is then available to banks and building societies; finance companies, utility providers, mobile phone companies and retail stores. These companies are all known as credit providers or creditors.

Any creditor may place an adverse listing on a person’s credit file if an account has been in arrears for more than 60 days. This includes phone companies, utility companies, and gyms as well as banks, finance companies and retail stores – and the outstanding amount can be for as little as $100. These listings are current for between 5 and 7 years depending on the listing, and ‘drop off’ the credit file after this time.

A negative credit reporting system

Currently Australian credit reporting operates under a ‘negative’ system. This will change as Australia moves towards comprehensive credit reporting, but until then – the rules of the game are very different from many other countries.

Only negative data is recorded on a person’s credit file. From this point of view – there is nothing people can do to counter-balance any negative data which is displayed on their credit file. It is either present – or not.

So is there anything I can do to change my bad credit rating?

The best thing you can do for your current and future credit rating is to make all of your repayments on time.

You can’t remove negative listings from your credit file unless you dispute the listing. You also can’t counteract the effect of those listings with ‘positive’ credit information yet either.

But there are a few other things you can do to improve how you appear to lenders potentially improving your chances of obtaining credit in Australia. Here are 5:

1. Reduce credit limits.
Lofty credit limits do not improve a person’s credit ‘risk’ assessment. If the loan applicant has a credit limit of say $20,000 on their credit card, the debt amount on that card will be calculated on $20,000 – even if the actual amount the applicant has owing on that card is only $5,000. So a potential borrower should seek to reduce any credit limits on cards or loans they currently hold.

2. Reduce credit enquiries.
Do not shop around for credit. Whenever a person other than the credit file holder makes an enquiry on their credit record – that enquiry is recorded on the person’s credit file. Currently there is no way of seeing on someone’s credit report if the loan was approved or not, only that the application was made. Some lenders are refusing home loan applications due to too many credit enquiries, such as two enquiries within thirty days or six within the year.

3. Check credit file regularly.
Anyone has the right to request a copy of their credit file, to see what is being said about them. This report is free for the credit file holder every 12 months. The request should be made to all the applicable credit reporting agencies, and a report will be made to the credit file holder within 10 working days.

There is the potential for creditors to make mistakes when entering listings on credit files. So anyone who is credit active should check theirs, regardless of how diligent they think they may have been with their repayments.

Many times people are unaware they have adverse listings on their file until they apply for credit and are refused. Unfortunately at that time it can be stressful, and they can lose the home or business they are trying to buy, or be forced to choose a different loan with a higher interest rate to accommodate their bad credit history.

4. Pay any outstanding amounts.
Currently even defaults which have been marked as paid may see you refused credit – but it can’t hurt to pay an overdue account if it should have been paid. Whilst the creditor cannot remove the listing, they can mark the listing as paid. Some lenders may overlook a default listing if other parts of the application present as low risk.

5. Remove errors from your credit file.
Adverse listings can sometimes occur due to identity theft; some people are caught in issues over separation from their spouse; some have been disputing the bill which went to default stage and many people are just victims of the fallout from inadequate billing procedures – wrong names, wrong addresses errors with creditor computer systems, and sometimes human error.

You have the right to have any inconsistencies on your credit file rectified. People should bear in mind that listings are not removed by creditors unless the credit file holder can provide adequate reason and lots of evidence as to why the listing should not be there.

Credit reporting is governed by strict legislation of which most consumers have limited knowledge of, and often very little time to get to know.

Many seek out the help of a reputable credit repairer who will be able to work on their behalf to assess their suitability for credit repair and then formulate a case based on legislation for removal – negotiating with creditors to have the default or other listing removed.

People can visit the MyCRA Credit Repairs website for more help with their credit rating, and help to repair a bad credit rating.

*Bankruptcies cannot be removed from credit files.

Image: Stuart Miles / FreeDigitalPhotos.net

Posted in Broker, Consumer | Tagged bad credit history, comprehensive credit reporting, credit file, credit rating, credit rating repairer, credit reporting in Australia, creditors, defaults, fix bad credit rating, Graham Doessel, improve credit score, MyCRA Credit Rating Repairs, remove errors from credit file | Leave a comment

TMI – 5 things all young people should know about privacy, social networking and credit.

Posted on May 1, 2012 by GrahamDoessel

If you didn’t have Facebook or Twitter – you’d be lost right? It’s a great way to keep in touch with friends– and sometimes it’s more convenient and quicker than a phone call. But if you don’t keep your personal information secure from outsiders while you use it– you could be keeping in touch with all the wrong people. There’s weirdos out there trolling the internet looking for the stuff you openly post – even people looking to commit identity theft with your info. We show you how the mistakes you make with your privacy now could lead to being unable to get a phone, a home, a car in the future because of a surprise bad credit rating.

This information was put together for Privacy Awareness Week 29 April to 5 May 2012 and is all about promoting awareness of privacy rights and responsibilities in the community. The theme this year is “How to Protect Personal Information While Engaging With Social Media” with a focus on secondary school students, parents and teachers. If you are not a student but you know one, flick them this link or print this page. We want all young Australians to have the luxury of a clear credit rating when they turn 18 and beyond.

By Graham Doessel Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

1. Fraudsters are looking for your personal information.

They are looking to take it and use it for purposes of constructing a fake identity. Identity theft victims are not always ‘gullible’ as people might imagine. They are ordinary people. Many experts say it is not a matter of if you experience an identity theft attempt, but when. It is estimated one in six Australians may have been a victim or know someone who is a victim of identity theft.

It can happen to you when someone you know obtains identity documents or credit card details to impersonate you. Or more and more it comes from professional fraudsters whose main occupation is to steal personal information and financial details in order to commit fraud.

The internet is a big source of personal information and its ever increasing use makes you more at risk of identity crime than ever. This means identity crime can have very long arms – often it originates from overseas crime syndicates. Identity theft is increasing because the pay-offs are huge for criminals. It is estimated identity crime costs Australians $1 billion a year.

2. Criminals are after information they can use to steal your identity.

Criminals are looking for anything they can use to piece together enough information in order to construct a fake identity. Much of the information people post on Facebook or other Social Networking sites can be very good building blocks for identity thieves. They are taking snippets here and there and building a profile on people. They may know your name and they may also know where you live, or where you go to school, your pet’s names, your birthday, even your other family name which could be identified as your mother’s maiden name.

All this is very handy information that is not only used to identify you, but may be used in passwords. After a little while, they have enough information to go about asking for replacement copies of driver’s licences, photo identification – whatever type of identification they have suitable information for. Then they can attempt to take out credit in your name. Some people have even had houses purchased in their names. Often it’s not until you go and take out credit and the bank says: “NO WAY look at all these defaults against your name!” that you may realise you have been struck by identity theft. The thing is, they are using your name so you are the one that ends up with the bad credit rating, and it can be a nightmare to recover the good credit rating you once had.

3. These Privacy risks apply even if you’re under 18

You might ask – what’s the point of worrying about privacy if you are underage – without a credit rating – there is no danger of identity theft right? Well think again! The fact is – crooks are pretty clever. The information you post today, could come back to haunt you in a big way. There are reports of crooks scanning social networking sites purposely looking for young people for this reason, because they usually have the most open privacy settings. That information is not used right away, but is ‘warehoused’ until the young people turn 18. They can then go on a ‘spending spree’ with the young person’s fake identity and credit. Imagine that, you turn up to buy your first car, and lo and behold you have a mountain of defaults against your name and no idea how it happened.

Besides all this, if you have enough information on your Social Networking right now about your parents you could be putting their credit rating in jeopardy as well.

4. The effects of a bad credit rating from identity theft

Negative listings stay on a person’s credit file for 5 to 7 years, depending on the listing. During the time your credit file is affected most lenders and other credit facilities will refuse you credit. Unless you are able to prove it wasn’t you who took out the credit, you may be stuck with a bad credit rating until you are at least 23 if not 25. You can’t borrow to travel, purchase a home, or even take out a credit card or a mobile phone plan while you credit file has these defaults.

5. What you should do to make sure fraudsters don’t obtain your personal information

One important change you can make right now, is to change the way you use the internet. Keep your passwords and social networking settings as strong as possible.

Here is some information that Stay Smart Online has provided to help young people in Australia today take steps to use social networking safely:

• set your online profile to private and be discerning about who you accept as your ‘friend’
• protect your accounts with strong passwords
• have a different password for each social networking site so that if one password is stolen, not all of your accounts will be at risk
• think before you post – expect that people other than your friends can see the information you post online
• don’t post information that would make you or your family vulnerable – such as your date of birth, address, information about your daily routine, holiday plans, or your children’s schools
• don’t post photos of you or your family and friends that may be inappropriate – or that your family and friends haven’t agreed to being posted
• never click on suspicious links – even if they are from your friends – they may have inadvertently sent them to you
• be wary of strangers – people are not always who they say they are. It’s a good idea to limit the number of people you accept as friends
• always type your social networking website address into your browser or use a bookmark.
• If you suspect any fraudulent use of your identity you should report it to your social networking service provider and your local police.

MyCRA Credit Rating Repairs is proud to be a Partner for Privacy Awareness Week 2012. For more youth resources visit the PAW Website http://www.privacyawarenessweek.org/youth.html.

Image of boy: David Castillo Dominici/ FreeDigitalPhotos.net

Posted in Identity Theft, Industry News, Privacy Commissioner | Tagged bad credit rating, credit file, credit rating, Facebook, fraudsters, Graham Doessel, Identity Theft, MyCRA Credit Rating Repairs, Privacy and social networking, Privacy Awareness Week 2012, Twitter, www.fixmybadcredit.com.au | Leave a comment

MyCRA Partners Privacy Awareness Week 2012

Posted on April 30, 2012 by GrahamDoessel

MyCRA Credit Rating Repairs is proud to be a Privacy Awareness Week (PAW) Partner for 2012 which runs 29 April to 5 May. The team at MyCRA hope we can help educate more people on Privacy Issues this week and in doing so reduce the numbers of identity theft cases in Australia. Privacy of your personal information is crucial to prevent identity theft and subsequent credit fraud. This week, through information provided by the Office of the Australian Information Commissioner (OAIC) and also through our own information, we want to help clarify how Privacy (or lack of it) can affect your credit file and promote safety of your valuable personal information.

This post features a newsletter titled “Privacy It’s All About You” provided by the OAIC which will clarify the origins of PAW and the importance of Privacy in your business, your life and for maintaining your good credit history. Please find full newsletter below:

Privacy: it’s all about you

Privacy Awareness Week (29 April – 5 May) is an annual event during which the Asia Pacific Privacy Authorities join forces to remind everyone to take steps to protect their own privacy and safeguard personal information about others that they might hold.

“Privacy is recognised in many countries, including Australia, as a human right,” says Privacy Commissioner Timothy Pilgrim. “Serious consequences can arise when someone’s privacy is breached and we all have responsibilities to look after the personal information we handle.”

Organisations and government agencies covered by the Privacy Act must meet responsibilities when collecting, using and disclosing personal information. This includes giving sufficient notice about why personal information is being collected and how it will be used and disclosed.

Businesses covered by the Privacy Act are subject to ten National Privacy Principles or NPPs while most Australian, ACT and Norfolk Island government agencies must comply with eleven Information Privacy Principles or IPPs.

Quick privacy tips for business and government agencies:

• Don’t collect personal information that is unnecessary for your business
• If you do need to collect people’s personal information, tell them why you are doing this, what the information will be used for and how long it will be kept
• Make it clear who will have access to that personal information, including any third parties
• Take steps to destroy or de-identify personal information that is no longer required, subject to other record keeping requirements.

What about you?

When it comes to protecting your own information, Mr Pilgrim is urging all Australians to be increasingly more vigilant about protecting their information.

“You really need to pay attention to what information you are sharing and how it may be used, particularly online and when using smartphones, where personal information is routinely collected and stored by any number of entities.”

Mr Pilgrim says people tend not to think about what information they are giving away or what will happen to it, especially as they make quick transactions online.

Know what’s going on

When your online search history is aggregated with other information you may have shared online, a detailed picture emerges that could compromise your privacy.

Most search engines today track and store details about your browsing habits to help guide you to the information you are seeking. But Mr Pilgrim says that many of us remain unaware of how this happens or where our information may end up.

“Find out how your information is being used by checking the privacy policy of the search engines you use. If you want more control, look for options that allow you to prevent aggregation and keep information you post across various accounts separate.”

Different search engines operate in different ways. So if you are unhappy with the way your information is being used by one provider, consider using another.

“I’d encourage people to always use the provider that offers them most control about how their personal information is used,” Mr Pilgrim added.

Similar issues apply to apps: when you download them, you usually agree to your personal information being collected in some way.

“Next time you decide to download an app, take a moment to look at the terms and conditions that set out what you are signing up for, what type of information the app developer is collecting and how it will be used.”

While these kinds of details can be buried in the fine print, Mr Pilgrim says it’s worth making the effort to know and understand what you are agreeing to so your information is not used in unexpected ways.

“Just as in the real world, if you want to safeguard your privacy, you need to pay attention to what information you are handing over and ask companies what they are doing with it.”

Find out more at www.privacyawarenessweek.org/oaic

Stay tuned for more information on Privacy, your personal information and your credit file.

If you think you may be a victim of identity theft, firstly contact Police who will assist you.

If identity theft has affected your credit file (credit fraud) and you need help with removing negative listings such as defaults and clearouts which should not be there, it might be helpful to contact a credit rating repairer to go through your options for credit rating repair.

Graham Doessel, Founder and CEO of My CRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Image: suphakit73 / FreeDigitalPhotos.net

Posted in Identity Theft, Industry News, Privacy Commissioner | Tagged credit file, credit fraud, credit rating, credit rating repairer, Graham Doessel, MyCRA Credit Rating Repairs, Office of the Australian Information Commissioner, prevent identity theft, privacy, Privacy Awareness Week 2012, privacy commissioner, privacy of personal information, Timothy Pilgrim | Leave a comment

Credit reporting accuracy advocate throws credit rating repair fee structure under the spotlight

Posted on April 30, 2012 by GrahamDoessel

Media Release

Consumer advocate for credit reporting accuracy throws credit rating repair fee structure under the spotlight.

26 April 2012

A consumer advocate for accurate credit reporting says the fee structure for the credit rating repair industry must be investigated with a view to creating some best-practice reforms in the interests of consumers.

Graham Doessel, foundation member of an industry body in the early stages of development, the Credit Rating Repair Industry Association of Australasia (CRIAA) and CEO of credit rating repair company MyCRA, says the industry is ripe for criticism for confusing consumers due to the vast differences in fee structure across credit rating repair companies and lack of clear guidelines for advertisement and configuration of customer payments.

“Where the credit rating repair industry falls down, is that there are some inconsistencies in the way companies are delivering and advertising their services – some are not advertising their fees, some are charging way too much and delivering too little – and this creates mistrust across the board and tarnishes the reputation of what is actually a necessary service,” he explains.

This mistrust was apparent in 2010 from credit reporting agency Dun & Bradstreet, who advised consumers in a media release to be wary of third party promises to remove negative listings from credit reports.

“Dun & Bradstreet urges consumers to think carefully about these services arguing that not only are the third party fees unnecessary but promises to remove adverse events are often unfulfilled. Instead consumers should contact regulated credit reporting agencies directly to obtain a copy of their report and if they believe it contains any errors they can discuss that with the agency at no charge. If consumers do feel they need third party advice they should seek assistance from an independent financial counsellor or advisor,” Dun & Bradstreet advised (1).

Mr Doessel says a good credit rating repairer is not only valid, but crucial to getting errors removed from consumer credit files.

“Consumers are just not getting creditors to remove inconsistencies on their own. Yes, you can contact creditors and credit reporting agencies yourself and get credit file inaccuracies addressed – but it is a bit like defending yourself in Court. There’s just too much time involved in investigation, knowledge of legislation and negotiation ability required to make a successful case yourself,” he explains.

He believes the implementation of the CRIAA as an industry body to help regulate codes of conduct for its members such as fee structure should give consumers and all associated entities the chance at being able to select a credit rating repairer whatever the customer business payment model and have faith that they will do the right thing by the consumer.

“It’s about creating a level playing field for consumers – making it fair, and reasonable and giving them a system of redress from within the industry for any dodgy practices,” he says.

Mr Doessel has published a White Paper titled Credit Rating Repair Customer Costs – A Tale of Two Business Models, which examines fee structure within the credit rating repair industry and sets out some recommendations for improvement on both models (2).

One of the main points uncovered in the paper is the lack of clear advertisement of all fees and charges and definition of terms and conditions of payment across the board from credit rating repairers.

“For instance, some no win – no fee customer business models can be vague in their advertising of both when payments are due, and exactly what defines a ‘win’. Also, some customers could be left angry when they find out they are charged administration costs regardless of success when it is not stated clearly these will be charged prior to the engagement of business,” he says.

He hopes opening up for discussion customer business payment models in the credit rating repair industry will be the starting point for all relevant groups both in and out of the industry to provide their opinion on a best practice structure for customer fees.

“Both the CRIAA and myself hope that by bringing credit rating repair customer costs into focus from all arenas we can come up with a framework which is successful and fair and which we can carry forward as the first stone which cements the entire industry and takes credit rating repair to new heights of credibility,” Mr Doessel says.

/ENDS.

Please contact:

Graham Doessel – Founder CRIAA and CEO MyCRA Mob: 0414 628 111

Lisa Brewster – Media Relations MyCRA Mob: 0450 554 007 media@mycra.com.au

http://www.mycra.com.au/ www.mycra.com.au.blog

MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

(1) http://www.dnbcreditreport.com.au/latest_news/consumers_should_be_wary_of_misleading_credit_report_offers/indexdl_6144.aspx

(2) http://grahamdoessel.com/wp/credit-rating-repair-customer-costs-a-tale-of-two-business-models/

Posted in Industry News, media releases | Tagged credit file, credit rating, credit rating repair, Credit Rating Repair Customer Costs A Tale of Two Business Models, credit rating repair fee structure, credit rating repairer, credit repair industry, Credit Repair Industry Association of Australasia, credit reporting, CRIAA, Dun & Bradstreet, Graham Doessel, MyCRA Credit Rating Repairs | Leave a comment

Social Networking And Your Credit File: 5 Protection Tips

Posted on April 30, 2012 by GrahamDoessel

Media Release

5 Things You Need To Know About Social Networking to Protect Your Credit File

27 April 2012

A consumer advocate for accurate credit reporting is warning consumers ahead of Privacy Awareness Week (PAW) about the dangers for their credit file if they fell victim to identity theft through lax social networking settings.

Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and Partner for PAW says identity theft threats from people posting too much personal information on sites like Facebook and Twitter are rampant.

“Fraudsters are out there looking for your personal information. They are building a profile, and one day if they have enough information you may be unfortunate enough to have credit taken out in your name. If this happens you could not only lose a lot of money, but your credit file is likely to be riddled with negative listings you have no knowledge of,” he says.

Privacy Awareness Week runs from 29th April to 5th May. The theme of the week is “How to Protect Personal Information While Engaging with Social Media”. MyCRA Credit Rating Repairs is proud to be a Partner to this event. (1)

Mr Doessel explains 5 important things to know about Social Networking to protect your good credit rating:

1. Fraudsters are looking for your personal information.

Identity theft victims are not always ‘gullible’. Identity theft attempts occur every day. Many experts say it is not a matter of if you experience an identity theft attempt, but when. It is estimated one in six Australians may have been a victim or know someone who is a victim of identity theft. (2)

Increasingly the crime originates from professional fraudsters whose main occupation is to steal personal information and financial details in order to commit fraud. The internet is a big source of personal information and it means identity crime can have very long arms – often it originates from overseas crime syndicates who are scouting for information on sites like Facebook.

Identity theft is increasing because the pay-offs are huge for criminals. It is estimated identity crime costs Australians $1 billion a year. (3)

2. They are looking for information that they can build an identity on.

Much of the information people post on Facebook or other Social Networking sites can be very good building blocks for identity thieves. They are taking snippets here and there and building a profile on people.

They may know your name and they may also know where you live, where you went to school, your pet’s names, your birthday, even your other family name which could be identified as your mother’s maiden name. With features like ‘check-in’s', they also know where you are most of the time, which could also come in handy for criminals – especially if they already know where you live.

All this information crooks extract from Social Network sites may be used in passwords or used as identifying information. After a little while, they could have enough information to go about asking for replacement copies of driver’s licences, photo identification – whatever type of identification they have suitable information for.

Then fraudsters can attempt to apply for credit in your name. Some people have even had houses purchased in their name. Often the fraud can go undetected until you apply for credit in your own right and you are refused because a credit check reveals a long list of strange default listings.

3. Criminals don’t care how old the user is.

Even teenagers are not immune to having their personal information stolen. Data on young people may be ‘warehoused’ until the victim turns 18. There are reports of crooks scrolling through thousands of social networking pages purposely looking for young people for this reason, because they usually have the most open privacy settings. That information is not used right away, but is stored until the young people turn 18. They can then go on a ‘spending spree’ with the young person’s fake identity and credit.

Superintendant Brian Hay from the Queensland Fraud Squad told Channel 7′s Sunrise Program in October last year, that criminals were targeting the personal information of our young Facebook users. (4)

“We know that the crooks have been data warehousing identity information, we know that they’ve been building search engines to profile and build identities,” he told Sunrise.

“We need to tell our children if you surrender your soul, if you surrender your identity to the internet it could come back to bite you in a very savage way years down the track,” he says.
4. If criminals take out credit in your name, they won’t be so kind as to make repayments for you.

When credit goes unpaid past 60 days, the creditor issues a ‘default’ or ‘clearout’ listing on your credit file. This listing will remain on your credit file as record for 5 years for a default and 7 years for a clearout.

Any negative listing can mean people are refused a home loan, a car loan or any type of credit and it doesn’t have to big amounts to make a big impact. Even listings with amounts of $300 can stop someone from getting a loan. So even if there was only one instance of identity theft, your credit rating is ruined for up to seven years.

Unfortunately there is a hard road in recovering your good name. If the listing shouldn’t be there – it is still up to you as the consumer to prove you didn’t initiate the credit and this can be difficult – often people have no idea how someone got their personal information in the first place.

5. Bump up your privacy NOW on Social Networking sites to make sure no one obtains your personal information.

One important change you can make right now, is to change the way you use the internet. Keep your passwords and social networking settings as strong as possible. Here is some information that the Government has issued via their Stay Smart Online website to help people take steps to use social networking safely (5) :

Top tips

· Always type your social networking website address into your browser.

· Never use the same password that you use for your bank or email accounts. Have a different password for each social networking site so that if one password is stolen, not all of your accounts will be at risk.

· Don’t automatically click on links in ‘friend request’ emails you receive. Genuine friend requests will appear on your home page on your social networking site.

· Be careful about how much personal information you post online. Use privacy settings to control who has access to your information.

· Be careful about the amount of information that you reveal to people you don’t know. It is easy to create a fake profile online and people are not always who they say they are.

· Stop and think before you write a message or post pictures. Ask yourself if the information you are sharing is something you want your future employers, friends or family to see. Even items you delete can remain on the Internet for years.

If people find out their credit rating has been damaged through identity theft, Mr Doessel says the first step is to contact Police, and the second step is to ask Police if they are eligible for a Victims of Commonwealth Identity Crime Certificate – which is available from their local Magistrate’s Court. (6)

“Identity theft recovery can be a lot of work – but if people have their credit rating damaged it’s a point worth fighting for. If people have neither the time nor the skill to prepare their own case for listing removal, they can always contact a reputable credit rating repairer to help,” he says.

/ENDS.

Please contact:

Graham Doessel – Founder and CEO MyCRA (07) 3124 7133

Lisa Brewster – Media Relations MyCRA Mob: 0450 554 007 media@mycra.com.au
http://www.mycra.com.au/ www.mycra.com.au.blog

MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

(1) http://www.privacyawarenessweek.org/oaic/2012_partners.html
(2) http://www.attorneygeneral.gov.au/www/ministers/mcclelland.nsf/Page/MediaReleases_2011_ThirdQuarter_3July2011-Newresearchshowsidentitytheftaffectsoneinsixpeople
(3) OECD Committee on Consumer Policy, Online Identity Theft, February 2009, p. 37
(4) http://au.tv.yahoo.com/sunrise/video/-/watch/26825601/child-identity-theft/
(5) http://www.staysmartonline.gov.au/home_internet_users/protect_yourself2/safe_social_networking (6) http://www.ag.gov.au/www/agd/agd.nsf/Page/Crimeprevention_CertificatesforVictimsofCommonwealthIdentityCrime?open&query=victims

Posted in Identity Theft, media releases | Tagged credit file, credit rating, Graham Doessel, Identity Theft, MyCRA Credit Rating Repairs, PAW, Privacy Awareness Week, social networking | Leave a comment

Credit Rating Repair Customer Costs – A Tale of Two Business Models

Posted on April 26, 2012 by GrahamDoessel

“It was the best of times, and it was the worst of times.” Nothing could be truer for this time in the credit rating repair industry –we are at a turning point. It is time to examine the credit rating repair industry’s customer business payment models and decide going forward what models and methods are in the best interests of consumers, credit rating repairers and associated companies.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Consumer demand in recent years has demonstrated the true value of third party credit rating repair. Unfortunately much of the consumer recognition has been lost from a credibility standpoint under a wave of confusion over the credit rating repair industry’s customer business payment models. I examine the current credit rating repair business models in terms of best interest for consumers with a view to the application of some best practice standards for fee structure.

In this post, I share my examination of credit rating repair customer costs with you and show how both business models can co-exist to benefit consumers, provided going forward, some recommendations are taken on board across both models to streamline transparency and fairness for consumers.

In the article Credit Rating Repair Customer Costs – A Tale of 2 Business Models, I investigate the two customer payment business models current in the credit rating repair industry, ‘fee for service’ and ‘no win no fee’ payments.

The fee structure for the credit rating repair industry must be investigated with a view to creating some best-practice reforms in the interests of consumers. The industry is ripe for criticism for confusing consumers due to the vast differences in fee structure across credit rating repair companies and lack of clear guidelines for advertisement and configuration of customer payments.

Where the credit rating repair industry falls down, is that there are some inconsistencies in the way companies are delivering and advertising their services – some are not advertising their fees, some are charging way too much and delivering too little – and this creates mistrust across the board and tarnishes the reputation of what is actually a necessary service.

Differing customer business models in the credit rating repair industry

‘Fee for service’ in the credit rating repair industry, means a fixed amount charged to a client for an agreed level of service. This is charged based on the level of service and or performance. This means that the fee structure is provided to the client up front, and as the client approaches each stage of service, the fee for that service will be due.

The fee for service business payment model, by its very nature is more transparent, and applies principles which are in the best interest of the consumer – for these reasons:

Upfront fees give the consumer more reassurance they will be told what they are going to get, how much it will cost, and because money has changed hands – the credit rating repairer will be bound to deliver what they have promised.

This model allows the credit rating repairer to give better service to the consumer, through the increased level of commitment by the consumer.

The introduction of a refundable assessment fee takes the benefits of fee for service to another level – by assuring those that enter into this business payment model are refunded any monies should they not proceed beyond the assessment stage of credit rating repair.

The difficulty in a fee for service model is its restriction on consumers who can’t afford upfront payment, and can’t borrow due to a bad credit rating. At the same time, the fee for service credit rating repairer would likely impose less ‘defaults’ on consumer credit files.

‘No win no fee’ cost agreements are also known as conditional cost agreements. No win no fee broadly means that the client only pays credit rating repair costs if their claim is successful.

The definition of a “successful claim” may vary between credit rating repairers. Ideally a best practice scenario should be where a successful claim is defined as a negative listing removed from the client’s credit file.

When contrasted with fee for service, the win no fee business payment model has some significant disadvantages for consumers – particularly where the disclosure of fees and charges are concerned.

Extra costs; and hidden costs dumped on consumers regardless of their success in credit rating repair can lead to confusion and anger over fees and charges.

There is also the potential to skip vital steps in assessment which can lead to an inadequate volume of information prior to the engagement of credit repair – potentially leading to promises of credit repair not based in fact.

Furthermore, should non-payment arise, the company may be forced to place defaults on credit files– a woeful situation that no credit rating repairer wishes to be in.

Despite the disadvantages, the no win no fee business payment model has merit due to the ability to help those people who otherwise could not afford credit repair.

In deciding which customer business payment model to adopt for the credit rating repair industry, I address other professions where these debates have occurred.

The financial planning industry is on the cusp of streamlining a fee for service payment model across the entire financial planning sector. This has been in response to demand for better transparency to combat criticism of conflict of interest – and uses a ‘best interest’ approach.

This consumer ‘best interest’ approach has strong merit when constructing any best practice customer payment model in the credit rating repair industry.

In the legal arena, the no win no fee model popular in personal injury claims has been criticised for misleading advertising and hidden costs, something which the credit rating repair industry should keep in mind when making any reforms.
With both business models having merits for credit rating repair, a number of recommendations across the board on both models would need to be instigated to create a level playing field for consumers.

These include refundable upfront fees plus full disclosure of all fees, charges, terms and conditions on advertising. These changes make customer payments fair and simple to understand.

These best practice reforms to business payment models would create transparency and credibility and would vastly contribute to providing a valid place for credit rating repair in Australasia’s credit reporting landscape in the future.

The biggest criticism of the credit rating repair industry is that professional credit rating repairers are seen to be charging fees for what consumers can technically do for themselves.

In reality, credit reporting can be a minefield for the individual to navigate. A good professional credit rating repairer can do much more for a consumer, and has a much greater chance of success, through knowledge of legislation and relationships with and ability to negotiate with creditors.

This greater transparency will allow the industry to focus on the real issues within credit reporting which have previously been hidden under a cloud of heresay and confusion from outsiders.

It can be said, that the footsteps the credit rating repair industry leaves during this time will allow credit rating repairers to march forward, revolutionising credit reporting itself in Australasia.

Full article can be read on Graham Doessel blog here: http://grahamdoessel.com/wp/credit-rating-repair-customer-costs-a-tale-of-two-business-models/.

Image: vichie81/ FreeDigitalPhotos.net

Image: Stuart Miles/ FreeDigitalPhotos.net

Posted in Broker, Consumer, Industry News | Tagged credit file, credit rating repair, credit rating repair customer costs, credit rating repair industry, credit rating repairers, credit repair, credit reporting, customer business payment models, fee for service, Graham Doessel, MyCRA Credit Rating Repairs, no win no fee, www.fixmybadcredit.com.au | Leave a comment

New Credit Rating Repair Industry Body CRIAA positive step for Brokers and consumers

Posted on April 26, 2012 by GrahamDoessel

It is exciting to see where the credit rating repair industry is heading and I am proud to be a part of the formulation of a new industry body which will improve credit rating repair across the board for Australasia. Australian Broker magazine published an article today on this new industry body the Credit Repair Industry Association of Australasia (CRIAA) of which I am an executive member. We held our first meetings yesterday, chaired by Finance Brokers Association of Australia (FBAA) President Peter White, and it was a great success.

The Australian Broker story was titled The CRIAA to make tough times for dodgy operators by Adam Smith. Here’s the story in its entirety:

CRIAA to make tough times for dodgy operators

Self-regulation of the credit repair industry could involve brokers, and ultimately benefit their clients.

The burgeoning Credit Repair Industry Association of Australasia has held its first meetings, and executive member Graham Doessel, founder of credit repair agency MyCRA, said the formation of the industry body should help put brokers at ease.

Doessel said the CRIAA would look to institute a code of conduct and minimum qualifications for the credit repair industry, and that introducing these standards would give brokers peace of mind about working with credit repair agencies.

“Mortgage brokers referring to a CRIAA member can have more confidence that the work is done correctly, and therefore it protects their reputation and the money of their clients,” Doessel said.

Doessel said the agency had sought help from ASIC and the FBAA in drafting its code of conduct and standards, and had received strong interest from credit reporting agencies. He commented that brokers may even be invited to become members of the association.

“We’re trying to set it up to be the genuine representative body of the industry and all its stakeholders, so we’re not going to be exclusive. We’ll be looking at inviting mortgage brokers who refer clients to credit repair agencies. They’re directly affected and I think their inclusion is a good idea,” he said.

Doessel conceded that the credit repair industry had seen disreputable operators, and said the formation of an industry body could stem the tide of unethical businesses by introducing an industry standard.

“Any good credit repair firm works within the legislation and makes sure the creditor works within the legislation. The CRIAA is hoping we will ensure that all members have minimum qualifications and workflow standards,” he said.

Ultimately, Doessel said he hoped the formation of the CRIAA helped to raise the reputation of credit repair agencies.

“We’re looking to make it harder for less reputable businesses to operate effectively,” he said.

About the Credit Repair Industry Association of Australasia (CRIAA)

The Credit Repair Industry Association of Australasia (CRIAA) has been established as the result of an identified need to increase transparency and professionalism across the credit repair industry as a whole.

The key aim of the CRIAA is to provide a strong and consistent foundation for credit repair clients in an industry that has been largely unregulated and lacking formal standards.

The CRIAA is in the process of establishing a ‘quality service’ framework for consumers, enhanced by best practice operational standards. This ensures members conduct themselves with high standards and ethics, based on the Association’s code of conduct.

The CRIAA aims to deliver some significant benefits to consumers which have not been available before from the credit rating repair industry.

Consumers should be able to confidently select an ethical and reputable credit rating repair company or organisation to look after their personal affairs from the CRIAA member companies.

A code of ethics is vital for the credit rating repair industry. The credit rating repairer is privy to a large volume of personal information from consumers. A code of ethics upheld by CRIAA members will increase the likelihood high standards of privacy are upheld, minimising the instances of fraud and breaches of privacy.

The CRIAA ‘quality service’ blue-print, will mean consumers can expect a higher level of service from those CRIAA members. Input on service standards will be provided by key CRIAA members from both inside and outside the credit rating repair industry.

The CRIAA seeks to have an influence on decisions of credit reporting law moving forward – whether directly or indirectly. The aim is to increase the legislative voice for those who are ultimately responsible for ensuring credit reporting accuracy. This voice belongs to consumers and the credit rating repairers who act on their behalf.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Image: cooldesign/ FreeDigitalPhotos.net

Posted in Broker, Consumer, Industry News | Tagged Australian Broker, credit rating repair, credit rating repair industry, credit rating repair industry body, credit rating repairer, Credit Repair Industry Association of Australasia, credit reporting, CRIAA, FBAA, Graham Doessel, mycra | Leave a comment

Emergency loans from family and friends are rampant – where’s the backup plan?

Posted on April 24, 2012 by GrahamDoessel

When times get tough, we all hope our friends and family would be there to lend a helping hand. But if we come up against an emergency, especially if we have a small to medium business, we need to be able to first apply a ‘back up plan’, which may involve borrowing money. Ask yourself – is this possible? Or would we have to borrow from family to get us over that hump? A study has found more than 20% of Australians have lost friends over borrowed money. So what’s your contingency plan?

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Smart Company published a story today titled ‘SMEs warned on borrowing from family and friends as monthy “friendly” debt pile tops $1.6 billion a month’, reporting on a survey commissioned by the Commonwealth Bank showing the average Australian borrows more than $200 from loved ones every month.

“This equates to more than $1.6 billion a month, with “unforseen or emergency situations” identified as the most common reason for borrowing (49%)… While the majority of respondents (85%) say they were brought up to repay their debts, 49% have experienced disagreements when it comes to paying loans back,” Smart Company reports.

The study is based on a survey of 1,193 Australians aged 16 to 39.

Commonwealth Bank executive general manager of cards, payments and retail strategy, David Lindberg says millions of Australians rely on informal borrowing networks.

“[But] borrowing money from friends and family can be the cause of disagreements, whether that’s over the amount or best way to pay someone back,” Lindberg said in a statement to Smart Company.

A back-up plan

Anyone who owns their own business, their own home or has any sort of significant debt needs to spend some time thinking about what the go-wrongs could be, and set up a plan for what to do. Then they can stop worrying about the go-wrongs and keep going forward with confidence.

What if we lost our job? What if interest rates went up significantly? What if business went down really fast – such as what happened to many people after the GFC? What if someone did the wrong thing by us? What if we were short one month or two? What if we got sick?

I have come up against some go-wrongs in my time. In the early 2000’s I owned my own Promotions Business. Like many salespeople, I was good at talking, but not so good at the paperwork. This led me to bring in a mate who was good at paperwork.

The bloke I brought in was good alright – he was good at stealing over $130,000 of borrowed funds from the business over four months. So repayments were due and I had no money to make them. After receiving some bad advice, I declared bankruptcy.

Later I learned the bankruptcy was not necessary, there were some things I could have done differently, and I would have been alright.

Hindsight is wonderful, foresight is golden. In my next business ventures, I instilled a ‘back-up plan’ to cover an emergency.

Little did I know, in time I would require one.

After a couple of years building up my mortgage brokerage, at the height of its success, I was dealt a blow that too many have been dealt. I was told I had Cancer. I powered on at work – but I am sure I wasn’t as productive in my own business as I would have been if I had been healthy. What saved me and my business was my back up plan. Never did I let my accounts go unpaid. My credit file remained squeaky clean through it all. Once I recovered, I was able to bounce back financially and get myself to where I am today with MyCRA.

Here are some things for you to consider about constructing your own back-up plan:

1. Get good solid financial advice from a recommended and trusted advisor. They may offer ideas you hadn’t considered in the formulation of your back up plan from what sort of ‘buffer’ you would need to be comfortable, to recommendations for relevant products and services.

2. Consider insurance. Income protection, health insurance, disability insurance among others could all be viable options for you. Refer to the government’s business website for more information on insurance if you run a SME.

3. Could you borrow money if necessary? Ensuring all of your accounts are paid on time is the best way to secure the ability to obtain credit in the future. But sometimes mistakes happen with your credit file. Listings can be put there incorrectly, and these could see you blacklisted from credit unnecessarily. Obtain your credit report for free every year from one or more of Australia’s credit reporting agencies. Obtain both your consumer and commercial credit files and make sure they are accurate. If your credit report does contain inconsistencies, get those defaults removed from your credit file if they shouldn’t be there NOW. Don’t wait until something happens – sometimes it can take time to repair the credit file damage.

When you need emergency money

1. If you do need to borrow money for an emergency – decide early whether the problem is short or long term. Don’t bury your head in the sand and ‘hope’ that things improve when the problem is really long term. Borrowing from Peter to pay Paul is the quickest way to get you or your business in to long term debt. Remember, overdue accounts of more than 60 days will show on your credit file for between 5 and 7 years – depending on the listing.

Even if you can get over the hump now – you will not be able to borrow to expand while you have bad credit history. Long term, you are better off addressing problems now – whether that be to sell the house, the business, downsize or re-group. If you are in genuine financial hardship, talk to your bank about Financial Hardship relief on any borrowed funds – this is a legitimate option which your bank is required to provide you with under certain circumstances. Act now to save your future rather than spoil your credit rating.

2. If you believe you will have financial problems for some time, consider a Financial Counsellor. Visit the Financial Counselling Australia website for more information.

3. If you are going to borrow from family and friends set the terms in stone. Consider getting the terms of any loan down in writing and signed by all parties are aware of what the conditions of the loan will be. Then stick to it.

This post is intended as information only and in no way is intended to replace or constitute professional financial advice. For money help, you can look at the Government’s Money Smart Website, or contact a professional Financial Advisor.

Image: graur razvan ionut/ FreeDigitalPhotos.net

Image: africa/ FreeDigitalPhotos.net

Posted in Broker, Consumer, Industry News | Tagged back up plan, credit file, credit report, defaults removed from your credit file, financial hardship, Graham Doessel, loans from family and friends, MyCRA Credit Rating Repairs, www.fixmybadcredit.com.au | Leave a comment

1.2 million Australians per year fall victim to fraud

Posted on April 23, 2012 by GrahamDoessel

The Australian Bureau of Statistics has released their Personal Fraud Survey, which was conducted over 12 months in 2010 and 2011. The results are interesting, with some noteworthy trends on identity fraud, identity theft and scams coming out of the figures from this survey. One of particular significance was that almost half of the identity theft victims had no idea how their personal details were obtained.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

This is the second Fraud Survey of its kind for the ABS, with the previous Personal Fraud Survey conducted in 2007.

The ABS Personal Fraud survey shows a total of 1.2 million fraud victims in Australia (aged 15 years and over) were a victim of at least one incident victims of personal fraud in the 12 months prior to interview in 2010-11.

“This equates to a national victimisation rate for personal fraud of 6.7% of the population aged 15 years and over. This is an increase from the 806,000 victims of personal fraud in 2007 (5.0%),” The ABS reports.

“The total financial loss recorded from this fraud in Australia amounted to $1.4 billion. Three in five victims of personal fraud (60% or 713,600 persons) lost money, an average of $2,000 per victim who incurred a financial loss. The median loss for personal fraud was $300,” The ABS reports.

In the 12 months prior to the survey, an estimated 702,100 Australians were victims of identity fraud, or 4.0% of the population aged 15 years and over. This is an increase from the 499,500 victims of identity fraud in 2007 (3.1%).

Credit card fraud was most common, with an estimated 662,300 Australians aged 15 years and over or 3.7% of the population reporting incidents of it.

In the 12 months prior to survey in 2010-11, an estimated 44,700 Australians were victims of identity theft, or 0.3% of the population aged 15 years and over.

According to the survey results, an estimated 6.4 million Australians were exposed to a scam in the 12 months prior to interview, or just over a third of the population. An estimated 514,500 Australians aged 15 years and over (2.9%) responded to a scam in the 12 months prior to survey.

A little more on identity theft…

It has become most likely that should people fall victim to identity theft, that their personal information is used to gain credit or finance in some way. And frighteningly, nearly half of all these victims don’t know how their personal information was obtained. Many (12%) don’t know about identity theft until they perform a credit check or one is performed on them for some reason.

“One in five (19.9%) victims of identity theft indicated having their personal information used for applications for a loan or to gain credit in the five years prior to interview in 2010-11, making it the most common way that personal information was used.

Just under a third (31.8%) of identity theft victims discovered that they had been a victim of identity theft via a notification or query from a government agency, 15.1% through a bill from a business or company, and 12.0% through a credit check.

The most common known way that victims’ personal details were obtained in the commission of identity theft was in person (28.3% of victims), followed by email/internet (10.0%), although nearly half of all victims (44.0%) reported that they did not know how their personal details were obtained,” the ABS reports.

Those people in the 25-55 age group were most likely to be victims of identity theft. Those who were gainfully employed were twice as likely to become identity theft victims, as were those earning over $2,000 a week.

How can people go all the way to the credit check before realising they are victims of identity theft?

It depends on the fraud type. In cases of out and out identity theft, fraudsters have secretly gained personal information in some way (the victim may not even be aware of where their personal details have been compromised). The fraudster gains enough information to go about making some form of duplicate identity, and then unbenownst to the victim, they apply for credit in the victim’s name.

In cases where the fraudster has been successful, the fallout can be a nightmare for the identity theft victim. Generally the victim is left with a series of overdue accounts on their credit file. These show as default listings or clearouts will stop the victim from being able to borrow for between 5 (defaults) and 7 (clearout) years.

But just like any other form of credit file inconsistency, it is up to the credit file holder to prove the inconsistency and in the case of the identity theft victim, that it wasn’t them that took out the credit in the first place. This could be really difficult for those people who can’t even prove where their personal information was stolen let alone how.

To find out more about identity theft, visit our identity theft fact page How to Prevent Identity Theft and Keep a Clean Credit Rating or visit the MyCRA website http://www.mycra.com.au/identity-theft/.

Image: Victor Habbick / FreeDigitalPhotos.net

Posted in Identity Theft | Tagged 1.2 million fraud victims in Australia, ABS Personal Fraud Survey, clearout, credit check, credit file, default listings, Graham Doessel, identity fraud, Identity Theft, MyCRA Credit Rating Repairs, www.fixmybadcredit.com.au | Leave a comment

A consumer advocate shows Aussie singles how to recover from post-relationship credit crisis.

Posted on April 20, 2012 by GrahamDoessel

Being lumbered with relationship debt is a common cause of bad credit. People can be stuck to a bad relationship long after the people in question have got out and moved on. A bad credit rating, or credit rating defaults, can hinder a person’s ability to obtain new credit for between 5 and 7 years, so it is important to cover yourself and your credit rating against an STD (Sexually Transmitted Debt).

By Graham Doessel – Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Recently I read a fantastic article in Brisbane’s Courier Mail on How to Fix Relationship Debt. The perspective was provided from Generations Columnists Gen Y’s Justine Davies, Gen X’s Bruce Brammal, Baby Boomer Mark Bouris and Retiree Kerrin Falconer.

I would advise people to read the article and apply the principles for their generation.

Here is a great point I found in this article:

“A FEW years ago, Paul Clitheroe told me that he wanted money to be the sex of the next generation.

He explained that when he was young, sex was a taboo topic whereas now it’s talked about everywhere. He hoped that Gen Y would do the same thing for money: bring it into the mainstream.

The best place to start making that conversational change is with your partner, because according to Relationships Australia, conflict over money is one of the top causes of arguments and relationship breakdowns in Australia,” Justine Davies says.

Being in love is one of the best feelings in the world, but not one of the most practical states to be in. Sometimes personal financial values go out the window and people lose themselves in the process of adding to the ‘relationship’ and creation of ‘us’.

But it is important to think practically about joint finances.

Many people come unstuck by not asking the tough financial questions about their prospective partners early in the relationship.

And when they fail to, when love turns sour they can end up broken hearted and broke.

Black marks on your credit rating – the ‘STD’ that is hard to get rid of.

When two different money ‘personalities’ combine, the potential for both to be financially damaged is greatly increased.

Every day we meet people who need help with fixing credit rating issues due to no fault of their own really, but they have fallen under the financial shortcomings of a partner.

When people take out any credit together, such as loans, utility accounts, homes and rental properties, they become very reliant on the partner to keep up their end of the credit repayments.

Sometimes one partner ends up with a bad credit score, simply because the other person on the account has not kept up with repayments. People can be unaware their partner is generating defaults on their credit rating until it is too late.

In many instances it’s not until people apply for credit in their own right that they find out about the credit problems their partner has initiated. The relationship may even have ended years ago and the partner is still paying for it.

Bad credit history can last for 5-7 years, depending on the listing. The most common type of negative listing is a default, and is placed by the creditor when an account holder fails to make payments past 60 days.

For Valentine’s Day this year, I wrote a post titled ‘Valentines Day Blues. What You Need To Know About Your Credit Rating When Love Goes Bad.’

Here are my 10 Steps for financial separation to protect your credit rating from that post:

10 Steps for financial separation

1. Cancel joint bank accounts. You could use the money from these accounts to go towards paying off any debts you may have together.

2. Pay off and cancel joint credit cards. If the debt on the card/s can’t be paid off, inform the creditor that you have separated and ask them to put a stop on the account so there may be no more transactions. They could possibly make arrangements to transfer the repayments to two separate accounts.

3. Resolve the mortgage debt. Sell the home and divide the proceedings, or sell your share of the home to your ex-spouse or vice-versa. Before this takes place, notify the bank you have separated. Make sure no further amount can be redrawn on the loan and that you receive separate statements whilst you are separated and both still own the property.

4. Transfer names on other accounts. Phones, electricity accounts, rental properties, rates, car loans and store credit should all be transferred to one name as appropriate.

5. Pay any unpaid accounts. No matter who has accrued these debts, the creditors will still see you as responsible. Ensure all accounts are paid on time while they are in both names.

6. Keep a record of all undertakings. Keep good paperwork and notes related to the separation, including cancellation or changes to any accounts for future reference.

7. Employ a good family solicitor. Legal advice is important as it relates to children, family businesses and property. Also if anything runs off course with division of debt, they can give good advice on the next course of action.

8. Notify credit reporting agencies. Let Veda Advantage, Dun & Bradstreet, or Tasmanian Collection Agency know of your separation and any steps you have taken to separate accounts to date.

9. Check your credit score. Request a copy of your credit report and check each entry. A free copy of your credit file is available every 12 months from one or more of the credit reporting agencies in Australia. This is essential particularly if settlement is drawn out over a number of years.

10. Seek help from a professional credit repairer for any defaults, Writs or Judgments. Once outstanding accounts accrued by your spouse are paid, there is the issue of the bad credit score which needs to be cleared so you may have the opportunity to borrow again in the future.

Gen X’s Bruce Bammal describes the steps people can take if they find themselves in a post-relationship debt crisis:

“If an ex has done the dirty on you financially, urgently get hold of your credit file to see exactly what damage has been done. They’re free through Dun & Bradstreet (dnbcreditreport.com.au) and Veda Advantage (mycreditfile.com.au).

Assess the damage and start repair jobs, if possible, by contacting the organisations directly. Then follow up with the credit reporting services.

Cancel joint accounts and credit cards. End all financial ties. See a specialist about recovering from sexually transmitted debt,” he says.

The repair jobs Bruce talks about on a person’s credit rating could be small or could be significant. But if the bad credit rating really shouldn’t be there, if the listing contains errors or inconsistencies, then the negative effect on the person’s finances should warrant attempting to have the bad credit history removed.

Current legislation does allow people to have inconsistencies removed from their credit file, but the whole process is more complicated than most people are led to believe.

Credit reporting is governed by strict laws that the creditor must abide by, and there is no point people going in to bat for themselves without an extensive knowledge of this credit reporting legislation and a good ability to negotiate with creditors.

In reality many people are not successful when they attempt to fix bad credit themselves. Remember, often it is a large creditor which put the listing there in the first place, so people need to know what to say to these companies and the way to say it. They also need to be thoroughly schooled in the legislation (or have enough time to get to know it), to ensure a successful credit repair. Basically people are preparing a ‘case’ to show reason as to why the creditor should remove the listing.

In the preparation of this case and presentation to the creditor there are many instances where individuals can write, do or say the wrong thing, which can not only mean they get the creditor ‘offside’ but can damage the chances of having the listing removed for the entire term of the listing. So for the best chance at success, consult a reputable credit repair company. Visit our main website at www.mycra.com.au or call tollfree 1300 667 218.

Image: graur codrin/FreeDigitalPhotos.net

Posted in Broker, Consumer, Industry News | Tagged bad credit history, bad credit history removed, bad credit rating, credit crisis, credit file, credit rating, credit rating defaults, credit repair, fix credit rating, fix relationship debt, Graham Doessel, MyCRA Credit Rating Repairs, www.fixmybadcredit.com.au | Leave a comment

Graham the ‘Credit Corrector’ placed No.24 in Top 50 – Start-Up Smart Awards 2012

Posted on April 16, 2012 by GrahamDoessel

Entrepreneur Graham Doessel is delighted to announce placement at number 24 in the Australian Start-Up Smart Awards 2012 for his credit rating repair company, MyCRA Credit Rating Repairs.

Graham was once Australia’s most successful non-conforming broker. Now he’s a full-time ‘credit corrector’ and consumer advocate challenging creditors to improve accuracy in credit reporting – one listing at a time.

An excerpt from the Start-Up Smart Awards website explains the beginnings of MyCRA Credit Rating Repairs:

“At the busiest time in his career, Graham Doessel was diagnosed with cancer. Up to his ears in work, he was forced to step back from it all in order to make a full recovery.

While Doessel was receiving treatment, he witnessed the negative impact of the global financial crisis on credit applicants. In the wake of it all, Doessel decided to do something.

He developed My CRA for the sole purpose of giving customers the cleanest credit file possible.

The idea behind the service is to give customers the best chance of getting approval, secure a lower interest rate or reduce the upfront fees that can be associated with obtaining credit.

Doessel’s life experience, as both a broker and as a consumer at the wrong end of consumer credit reporting, drove him to create MyCRA Credit Rating Repairs from the ground up.

After extensive study of Australian credit reporting legislation, he was able to come up with a framework to correct credit rating errors.

It was now possible to work on behalf of a client and actually repair their credit rating, instructing creditors to remove negative listings where they were listed incorrectly or unfairly.

That’s how MyCRA Credit Rating Repairs was born.

According to Doessel, the most challenging part of starting up was getting leads and contacts, but this forced him to be creative and resourceful, particularly on a tiny budget.

“There is a massive demand for what we do at MyCRA. The barrier to entry is very high but MyCRA overcame all of those challenges on limited to no budget,” he says.

Doessel says the best part of starting his own business is “doing something that can make a tremendous difference to the lives of so many people, and getting paid to do it”.

He is now an active executive member of the Credit Repair Industry of Australasia and has interests in a direct debit service firm,” the website reports.

The recognition from the Start-Up Smart Awards has been significant, with Start-Up Smart also placing MyCRA Credit Rating Repairs amongst the Top Ten new trends for 2012 in the finance category.

“As the banks toughen their lending criteria, the finance industry is witnessing the emergence of a new type of business – one that aims to make it easier for consumers to obtain credit and finance.

My CRA, which appears at number 24, was developed for the sole purpose of giving customers the cleanest credit file possible.

The idea behind the service is to give customers the best chance of getting approval, secure a lower interest rate or reduce the upfront fees that can be associated with obtaining credit,” Michelle Hammond reports in the article 10 trends from the 2012 StartupSmart Top 50.

The MyCRA Credit Rating Repair mission is to empower people through negotiating the removal of listings, thereby restoring integrity allowing their clients and their families to regain control over their future.

The reason consumers very often need help when removing listings is two-fold. Firstly, their often limited knowledge of credit reporting legislation (and lack of time to get to know it) leaves them unsure of how to apply the letter of the law in their own circumstances.

Secondly, negotiating with creditors can be tricky. Clients have to know who to talk to and the way to talk to them. Sometimes people can do more harm than good when trying to fix their own credit rating.

MyCRA looks after clients who are facing identity theft or Identity Fraud; those with default listings incurred during separation from their spouse or other partners; some have been disputing the bill which went to default stage and many people are just victims of the fallout from inadequate billing procedures – wrong names, wrong addresses, human and computer errors.

Under current credit reporting legislation, consumers are entitled to obtain a free copy of their credit report from the credit reporting agencies once a year.

But if people find inconsistencies on their credit report, they can run into difficulty.

Listings are not removed by creditors unless the credit file holder can provide adequate reason and lots of evidence as to why the listing should not be there.

Credit rating repair requires knowledge of the legislation, lots of evidence and perseverance. But for those people whose financial freedom is hindered because their credit file contains errors, it is a point worth fighting for.

MyCRA was founded as a means of championing for the underdog in these situations. The company believe everyone should have the right to redress for mistakes in the credit reporting industry.

For the future, MyCRA is hoping to increase their level of success by improving the frequency of removal and closing the gap on their current default removal rate. My CRA has a previous track record of up to 91.7% of cases having a default removed.

The team hope to accomplish this through further increasing skill level and team numbers, building even better relationships with creditors, and continuing to educate consumers on credit reporting.

With CEO Graham Doessel’s heavy involvement with the Credit Repair Industry Association of Australasia (CRIAA) as an executive member, MyCRA has a strong policy of maintaining consumer advocacy and industry standards.

MyCRA is proud to be a part of building a set of regulations for the credit repair industry through the CRIAA. They see the introduction of the CRIAA as a catalyst for enforcing change and bringing about a set of standards which will revolutionise the credit repair industry in Australia and New Zealand.

MyCRA is also proud to be a Premium Corporate Partner with the Finance Brokers’ Association of Australia (FBAA).

Posted in Industry News | Tagged accuracy in credit reporting, credit corrector, credit file, credit rating, credit rating repair, Credit Repair Industry Association of Australasia, credit report, credit reporting legislation, Finance Brokers' Association of Australia, Graham Doessel, MyCRA Credit Rating Repairs, Start-Up Smart Awards 2012 | Leave a comment

Credit reporting accuracy advocate joins forces with Finance Broker’s Association of Australia

Posted on April 10, 2012 by Administrator

The key industry body for finance brokers, the Finance Broker’s Association of Australia (FBAA) has accepted the partnership of a leading advocate for accuracy in credit reporting with the aim of educating brokers and in turn consumers on issues around credit reporting accuracy and the benefits for loan qualification.

The FBAA’s National President, Peter White recognises a need within the finance industry

Peter White

for broker members to access help for clients who are blacklisted from credit due to the black marks on their credit file which shouldn’t be there.

“This partnership could provide an opportunity for our members to deal with a long term industry player to help ensure those consumers who should qualify for a loan, are given a loan. We hope to see better outcomes for consumers such as less borrowers excluded from mainstream credit, and to reduce the interest rates for those who may otherwise not need to go into non-conforming loans,” Mr White says.

The FBAA has accepted new National Premium Corporate Partner, MyCRA Credit Rating Repairs for this task, headed by former award winning broker Graham Doessel.

MyCRA Credit Rating Repairs is focused on providing a commitment of both service and education to the brokering and finance communities.

Mr Doessel, who is also one of the driving forces and key member of credit rating repair industry body, the Credit Repair Industry Association of Australasia (CRIAA), and has been a frequent media spokesperson on credit reporting issues as they affect consumer and business credit files.

“With credit checks still so vital for obtaining home, business and car loans, the partnership is an avenue for finance professionals to openly discuss and endorse credit rating repair – ensuring their clients are given the best chance at having their credit file accurately reflect their ability to service a loan,” Mr Doessel says.

His company MyCRA Credit Rating Repairs checks for errors and inconsistencies on consumer and business credit reports, particularly when those inaccuracies impact on the person’s ability to obtain credit, such as a home loan.

Currently most credit reports hold negative data for a period of 5 to 7 years, depending on the listing type. Most negative data including too many credit enquiries can stop people from getting a loan. But Mr Doessel says in the past many brokers have found their hands are tied once the credit check shows negative listings.

“Often times it’s not until the broker has done a significant amount of work with the client that the credit check shows up with defaults, clear-outs or court listings, negating the broker’s hard work and denying the client credit.

“Many brokers in the past have had to send their clients packing because they knew it was going to be so difficult for them to remove that negative data – even if the listing was a mistake, and despite the client being otherwise entirely suitable to service the loan,” he says.

The FBAA’s Peter White estimates the volume of consumers their members can’t help because of negative credit file listings – valid or otherwise – warrants the inclusion of credit rating repair in the options brokers present to clients.

“Telcos and other creditors can be quick to put blemishes on credit files – it’s not always accurate. There is possibly billions of dollars in lending that can’t be done that could be done,” he says.

MyCRA acts on behalf of the credit file holder in circumstances of credit file error, to help apply the letter of the law to the credit file holder’s own circumstances, drafting a request to the creditor for removal of inconsistent data and negotiating with creditors and credit reporting agencies for a successful accurate outcome.

“There is a strong legislative framework for listing negative items on credit files, but when it comes to creditors complying with that legislation, there are many instances when this doesn’t occur correctly,” he explains.

Approximately 83% of the clients who request credit rating repair through MyCRA Credit Rating Repairs have defaults, writs or Judgments which are listed in error on their credit file.

“We have clients who are facing identity theft; some are caught in issues over separation from their spouse; some have been disputing the bill which went to default stage and many people are just victims of the fallout from inadequate billing procedures – wrong names, wrong addresses, human and computer errors,” Mr Doessel says.

The volume of credit file errors across the board in Australia is uncertain.

Veda Advantage holds in excess of 16,500,000 credit file reports and a spokesperson recently estimated 1% of the 250,000 credit reports they give out at consumers request as a credit reporting agency to Australians every year contain a material error on the credit file.^{^[i]}

But a survey performed by the Australian Consumer Association (now Choice) in 2004 revealed that 34% of the credit files surveyed in their small scale study contained errors or inconsistencies. ^{^[ii]}

“It’s up to the credit file holder to ensure the accuracy of their own credit file – and this is just not happening on the scale it should be in this country. Then if the credit file holder does find inaccuracies they want to address, dealing with creditors can be a minefield – the classic case of the big guy against the little guy in most cases, and Goliath often prevails – not ending well for the credit file holder,” Mr Doessel says.

Listings are not removed by creditors unless the credit file holder can provide adequate reason based on legislation, and lots of evidence as to why the listing should not be there.

“Credit rating repair requires knowledge of the legislation, lots of evidence, tenacity and relationship development with creditors. Many cases also need to be escalated to external Governmental Agencies, and that is yet another skill set that many people don’t have, let alone the time to engage in or learn,” he says.

Mr Doessel says the partnership will pave the way for better accuracy in credit reporting and more Aussie families realising the dream of home ownership.

“The strength of the FBAA endorsement should help to bring these issues to the forefront for the benefit of all credit file holders in Australia,” he says.

/ENDS.

Please contact:

Peter White – National President FBAA Phone: (07) 3847 8119 president@fbaa.com.au

Graham Doessel – Founder and CEO MyCRA Phone: (07) 3124 7133

Lisa Brewster – Media Relations MyCRA 0450 554 007 media@mycra.com.au

http://www.mycra.com.au/ www.mycra.com.au.blog

MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

^{^[i]} http://www.mycra.com.au/media/television.php

^{^[ii]} http://www.smh.com.au/articles/2004/02/09/1076175103983.html

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Working away from home? This could impact your credit rating. How to keep your credit file clear when you’re working away.

Posted on April 5, 2012 by GrahamDoessel

Australian miners – you may be the highest paid workers in the country, but in the credit rating repair profession, unfortunately you top the list as the occupation group most likely to get caught out with a bad credit rating. We tell you why you could be susceptible to a bad credit rating and how to ensure you keep your credit file clear – at home and away.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

If you are in the mining profession, a flight attendant, army personnel or any person whose profession takes you away from home, you can be likelier to suffer a negative listing on your credit file, namely because you can be away for long periods at a time, or because you can’t keep a close eye on day to day finances and accounts working such odd hours or geographical locations.

Checking all bills are paid on time and that the account is running as it should be is often difficult when you’re a transient worker.

Miners and other transient workers often set up direct debits for accounts, but this may not be enough to ensure your credit file remains clear. There can be a number of reasons why bills go to default stage – from correspondence not being read through to errors in the creditor’s billing system. Unfortunately transient workers often don’t receive notification that there is a problem until it is too late to rectify it and your credit rating suffers.

MyCRA client and transient worker, Shannon recently had us assist in removing a Telstra default from her credit file.

Shannon has worked as a chef in the mines for the past 8 years in Western Australia.

She had recently relocated to Western Australia, but unfortunately for various reasons many of her bills were not forwarded on to her new address following the move. This included a Telstra bill, which unfortunately went into default.

On top of not receiving many bills, she also received no notification her bills, and in particular her Telstra bill was going unpaid. She also wasn’t notified of the default that had been placed on her credit file.

It was only when Shannon applied for a home loan and was refused that she realised there was a problem with her account – and this is common.

Shannon says she was probably at a disadvantage due to the nature of her employment.

“In the mines, communication can be a problem. I can be out of contact for months at a time so it makes it difficult to keep on top of things. Telstra actually had addresses in their system that didn’t even exist. But this was the problem, I wasn’t getting all the correct information from where I was living, I had no idea the mail wasn’t coming,” she says.

Shannon recommends anyone who works away from home have a Post Office Box to reduce the risk of mail being stolen or damaged in transit, and so that people can keep on top of their own finances, rather than having to rely on others.

A credit file exists for anyone who has ever been ‘credit active’ and is used by creditors to assess risk and borrowing capacity of potential borrowers.

The most common type of adverse listing is a default. Defaults are put there by creditors when accounts have remained unpaid for more than 60 days. Defaults remain on a person’s credit file for 5 years from the date of listing, and have the potential to severely impact a person’s ability to obtain credit.

Currently, any default can be enough for an automatic decline with most of the major banks. Many lenders are even rejecting loans for excess enquiries such as two in thirty days or six within the year. Some people may even be unable to take out a mobile phone plan in their name if they have defaults on their credit file.

It is a good idea to take a hard-line approach to your finances and bill notifications to ensure you are not caught out by issues that arise whilst you are absent from home.

How to keep a clear credit file while working away from home:

1. Reduce the amount of paper-bills that are sent. Use the internet for all bill payments or set up direct debits from accounts.

2. Set up a Post Office Box, or appoint a trusted friend or family member to forward mail.

3. Keep creditors up to date with changes on accounts. If there is ever a problem with bank accounts, or a change of credit or bank cards – ensure all direct debits are altered. This can be a common reason bills get left unpaid.

4. Check up on credit accounts regularly. Make a point of checking your bills and making sure all payments are up to date.

5. Don’t let bill issues slide. Take the time to sort out any discrepancies with bills as soon as possible. Accounts which are left unpaid for more than 60 days will be listed as defaults.

6. Perform a credit file check regularly. Make sure everything is as it should be – including your current contact details and any credit entries. A free credit report can be requested from the major credit reporting agencies Veda Advantage, Dun and Bradstreet and Tasmanian Collection Service (if in Tasmania) every 12 months. A creditor may have listed defaults with one or all of these credit reporting agencies.

7. Get inconsistencies fixed. If you find errors on your credit file, or feel a listing is unjust or shouldn’t be there, you do have the right to have incorrect information rectified.

Miners and other transient workers are amongst the highest paid industries in Australia, but many of you are unable to utilise this money for big ticket items like cars and homes because your credit rating has blemishes. A credit rating repairer should be able to completely remove offending blemishes from your credit file, allowing you the chance to start with a clean slate.

Contact www.mycra.com.au for information on how to repair a bad credit rating.

Image: wandee007/ FreeDigitalPhotos.net

Posted in Consumer | Tagged bad credit rating, credit file, credit rating, credit rating repairer, default;, Graham Doessel, miners, MyCRA Credit Rating Repairs, repair a bad credit rating, transient workers, www.fixmybadcredit.com.au | Leave a comment

Graham Doessel – consumer credit advocate – reveals the gap has widened between the haves and the have nots

Posted on March 29, 2012 by GrahamDoessel

For those people on a low income, statistics coming from the Australian Bureau of Statistics report that home ownership has transported low income households in Australia from the poverty line over the last six years, and buffered the hard times where low income is temporary. With house prices currently down in many areas, now could be a good time to get your credit history checked and try to buy your own home, potentially becoming one of the ‘privileged’ in Australia who own their own home – even despite low income.*

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

According to the Australian Bureau of Statistics (ABS) in its article ‘Life on Struggle Street – Australians on low economic resource households’ home ownership can act as a buffer for people who experience periods of low income.

“While regular income is an important economic resource for many people, wealth in the form of bank accounts, shares, superannuation or property can be drawn upon to smooth and support consumption over time, including during periods of low income,” the ABS says in this article.

The information on low economic resource households was utilised from a larger article ‘Australian Social Trends March 2012’, released yesterday. This article draws on a wide range of data, to present a picture of current Australian social conditions.

Australian Social Trends March 2012 uses data from the ABS 2003–04 and 2009–10 Surveys of Income and Housing, and the ABS 2009–10 Household Expenditure Survey.

What seems apparent from the article is that the event of home ownership could potentially change a person’s life forever – particularly those people currently on a lower income, or those who expect to be on a lower income at some stage in the future (due to retirement, child-rearing etc).

We know the benefits of home ownership – the home owner has the opportunity to accumulate wealth outside their income through projected capital gain, and they also have the potential to borrow against the home in some instances.

The ABS puts this into perspective when deciding on what is considered a ‘low economic household’.

“The advantage of taking into account wealth as well as income is that it excludes those with high wealth who enjoy reasonable levels of consumption despite a low level of income. This approach is therefore more likely to capture people most at risk of experiencing economic hardship, than analyses of income alone,” the ABS article Life on Struggle Street – Australians on low economic resource households explains.

Home ownership lessens the risk of experiencing economic hardship.

“This disparity between people in low economic resource households and the rest of the population is even more pronounced when it comes to wealth. The average equivalised net worth of people in households with low economic resources in 2009–10 ($53,500) was one tenth of the average across other households ($509,800). After adjusting for inflation, the net worth of low economic resource households had not increased significantly since 2003–04, while the average net worth across all other households had increased by 29%.

“These data indicate that the disparity in both income and wealth between those in low economic resource households and the rest of the population had grown over the six years to 2009–10,” the article reports.

It seems in the past six years it has been more beneficial than ever for people on lower incomes to have owned their own home. But unfortunately with rising house prices and an increased cost of living, saving for the deposit and actually qualifying for the loan can be difficult. Then, the global financial crisis hit, and banks have been making it even harder ever since for people to get a home loan.

For those lower income owners who are lucky enough to qualify for a home loan, it is more vital than ever that their credit check comes back clear to be assured a loan.

A clear credit file ensures people have the best chance of obtaining a home at the most affordable interest rate.

So if people otherwise qualify for a loan, but have bad credit history which is holding them back, all may not be lost. They should talk to the team at MyCRA Credit Rating Repairs about potentially restoring their credit file. Call us on 1300 667 218 or visit our website www.mycra.com.au.

The picture painted by the ABS of many of those low economic resource households who can’t afford a home of their own or other investments is a rather grim one.

“Around a quarter (24%) of low economic resource households reported spending more money than they received most weeks, twice the rate of other households (12%). This gives an indication of the extent to which people, particularly in low economic resource households, may be forced to draw upon their limited assets or rely on credit from week to week simply to make ends meet,” the ABS says.

Low income households also would find it difficult to raise emergency money:

“In 2009-10, 43% of low economic resource households reported that they would not be able to raise $2,000 in a week for something important. In contrast, only 7% of other households reported being in this position.”

“A range of other indicators of financial stress were more prevalent among low economic resource households: 10% reported that they had gone without meals in the past 12 months due to cash flow problems, while 8% had resorted to pawning or selling possessions. By contrast, only 1% of other households had been forced to either of these lengths.”

Close to a third (31%) of low economic resource households reported that they had been unable to pay a utility bill on time in the past 12 months, and 20% had sought financial help from friends or family due to cash flow problems. This compares with 8% and 5%, respectively, among other households. One in ten (10%) low economic resource households were forced to seek assistance from welfare or community organisations, compared with 1% of other households,” the ABS says.

At this end of the scale, lack of access to cash can be a difficult cycle to get in to. Those people suffering with defaults or other negative listings on their credit file could be faced with high interest rates in an emergency, putting stress on an already struggling household. People in this predicament should talk to someone about the options of removing negative listings which shouldn’t be there, from their credit file as well.

Watch this short how-to video to find out how credit rating repair could help you.

* The opinions in this article should not be construed as financial advice. For expert advice on whether home ownership is right for you, contact a Finance Broker or Financial Adviser.

Image: Dan / FreeDigitalPhotos.net

Posted in Broker, Consumer | Tagged ABS, Australian Bureau of Statistics, bad credit history, clear credit file, credit file, Graham Doessel, low economic resource household, low income, MyCRA Credit Rating Repairs, www.fixmybadcredit.com.au | Leave a comment

Consumer advocate Graham Doessel, showing ordinary Aussies how to avoid bad credit history from credit card debt

Posted on March 27, 2012 by GrahamDoessel

A major source of bad credit history is credit card debt. People spend more than they can afford, and may even take out one card to pay off the other – and never really clearing their debts until one day their credit rating is tarnished. Credit success begins with choosing the right credit card. It’s important to read the fine print before you decide on a credit card. Avoid getting enticed by rewards and low interest periods, and take the time to understand what you can afford so you can choose the card that fits you and your lifestyle. That’s the key point to avoid bad credit history through credit card debt.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au

Australian money saving website, Savingsguide.com.au posted a great article yesterday on choosing a credit card. They mentioned how essential choosing the right credit card is to your finances – it can be the difference between good and bad credit history. Here are their 5 tips for choosing the right credit card.

5 Tips When Getting A Credit Card by Savingsguide.com.au:

1. At The End Of The Month. If you’re unable to pay off your credit card at the end of the month, Yahoo! Personal Finance suggests looking for cards with 45 days of interest free and then cards that have the lowest interest on purchases. I would also suggest keeping credit use to a minimum until you’re able to pay it off at the end of the month.

2. Fee. If you’re planning on using your credit card frequently and for rewards programs, then an annual fee might be a worthwhile spend. You could be looking at anywhere between $50 to $250 a year, but if you’re redeeming your points for money-saving purchases like flights or accommodation, it might be a worthwhile investment. If, however, you’ve got the card as an emergency back up when you go overseas, you may as well just get a card that doesn’t have an annual fee.

3. Interest Rate. When getting a credit card, it’s essential to weigh up whether any outlay on the card is a worthwhile investment. The same is as true of interest as it is of the annual fee. The card might have a high interest rate but if you can be certain you’re going to be able to pay it off at the end of every month, then those cards can also offer great rewards. Often, it’s stipulated you have to be earning over a certain amount to qualify to use the card.

4. Use It Everywhere. People look dismayed when they come to my work and pull out an Amex or Diners. Sure, we can transfer it. At the cost of a 3% surcharge, which usually precludes anyone from wanting to use it. Amex and Diners come with great rewards but a lot of businesses, at least in my town, have no interest in processing them so you have to rely on two cards. Recently, however, cards have been released where they are two cards in one (an Amex and Visa, or an Amex and Mastercard). So if you’re keen for the reward points, it could be worth investigating that option.

5. Bonuses. Credit cards are big business, and they want to make sure that they keep yours. Hence, the amazing world of bonuses for your credit cards. The most obvious, and the most commonly used, is the protection should you be a victim of fraud. If it happens on your credit card, the bank will usually cover you as part of your credit card contract. If the same thing happens on your debit card, you’re not always as lucky. Other bonuses can include short-term insurance on items bought on your credit card or little luxuries like privileged access to concert tickets when they go on sale and the best seats. If a credit card fulfils all your other criteria, a bonus scheme could be a great way for you to save a bit of money throughout the year.

Some great advice there on choosing credit cards. One important point is to not be sucked in by promises of rewards or other special deals when choosing credit cards – concentrate on the fees, interest and repayments. If you can afford all of that, then look at the possible benefits rewards can bring.

Here is my advice to prevent bad credit history from credit card debt:

Don’t exceed the credit limit.
This will just mean you incur hefty charges.

Avoid cash advances.
Interest usually applies immediately on any cash advances from credit cards – whether the withdrawal is within the interest free period or not.

For help with repairing bad credit history, or more information on your credit rating, visit our website www.mycra.com.au or call MyCRA Credit Rating Repairs tollfree on 1300 667 218.

Image: worradmu / FreeDigitalPhotos.net

Posted in Consumer | Tagged bad credit history, credit card, credit card debt, credit rating, Graham Doessel, MyCRA Credit Rating Repairs, Savingsguide.com.au, www.fixmybadcredit.com.au | Leave a comment

How to help more clients… A former award winning broker shows why the millions of Aussies with bad credit are not lost

Posted on March 25, 2012 by GrahamDoessel

Those brokers who are just in it for the money are few and far between in this market. Those that have hung around despite all the market conditions thrust upon them must have a passion for the job, and a drive to see people realise their dreams of home or business ownership. We show you why more of the people you come across every day could end up being your biggest fans and clients for life.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

As brokers, you are restrained by so many conditions which are simply out of your control in the current market.

Left over from the Global Financial Crisis (GFC) are tighter lending conditions and nervous borrowers. Put this together with regulations for National Consumer Credit Protection (NCCP) compliance, and the result is unfortunately a diminished client base.

Let’s face it – in this market, if you have to pick between a client with a perfect application or one which is slightly tarnished or impaired with bad credit (paid or unpaid), then it’s likely that you’ll choose the squeaky clean one…no headaches, no worries…and no extra indemnity insurance on a non-conforming loan.

But most brokers do not know there is another way.

In more than 9 out of 10 cases, bad credit history can actually be repaired. Engaging credit rating repair for a bad credit client gives the client the home at the best possible interest rates, and you the commission – and trail.

Everyone wins.

Plus, all parties are doing their part to help improve consistency in credit reporting through ensuring creditors enter listings fairly and accurately.

For those who don’t know, here is how credit rating repair works…

Bad credit can occur for a number of reasons:
• Due to a dispute on a bill, such as a telephone or power bill;
• Because of a change of address;
• A major sudden upheaval such as illness or death;
• Identity theft or fraud; or
• Simple human error by the creditor

The creditor defaults the consumer on one or more of their credit records held by the three (soon to be four) Credit Reporting Agencies in Australia.

Defaults and other negative listing entries are strictly controlled by several pieces of legislation and several more codes of conduct. This aspect itself creates many grey areas and of course, is subject to interpretation.

Consumers are blessed in Australia to live in a place where they are highly protected. Some of these protections are spelled out throughout the several thousand pages of legislation that works with and around Credit Reporting Law.

Because the legislation is lengthy and involved, it gives those that are informed quite a lot of power. This knowledge is sometimes weighted heavily on the side of the creditor and leaves consumers with little ability to effect change in their own circumstances.

For this reason, credit rating repairers have grown in popularity, as we are often the only people on the side of the consumer with the knowledge needed to fight the case on their behalf.

As credit rating repairers we know this legislation. We review and consult it on a daily basis, looking to discover new and interesting methods to have bad credit set aside.

During the process of discovery, we receive mountains of paperwork from your client’s creditors – which often include account statements, invoices, contracts and file notes.

We review this documentation, constantly referring back to the legislation to formulate a case for your client. Once we are aware of any errors in the way the listing was added to your client’s credit report, we alert the creditor that the listing may be unlawful and request its immediate removal.

At this stage it can sometimes get interesting, as many creditors genuinely believe that what they have done has been lawful and it’s up to us to educate them on where they have made errors.

Occasionally, this can be a lengthy process and sometimes it may require the assistance and rulings of external governmental bodies.

In more than 9 out of 10 cases, your client will be victorious. They can then go back to you to have their mortgage approved, their home loan settled, and their family can move into their very own home.

I’m imagining a blue, round kiddie pool in the backyard, with a little sandy coloured puppy chasing the kids as they run up the slide to the cubby house, laughing and giggling all the way. That was my backyard a few years ago. My kids are all grown up now – one is about to get married. But those fond memories of us as a young family in our own home still remain.

That is the power you have in your hands right now – to make someone’s dreams come true.

Contact MyCRA Credit Rating Repairs tollfree on 1300 667 218 to speak with a consultant about our broker referral system.

About Graham Doessel and MyCRA Credit Rating Repairs.

Graham Doessel is the founder and CEO of MyCRA Credit Rating Repairs – Australia and New Zealand’s leading credit rating repair specialists.

Graham’s origins are in finance, and he formed/owned the award-winning non-conforming brokerage “Mortgage Now.”
Graham is a consistent spokesperson in the media for credit reporting issues in Australia and New Zealand.

MyCRA Credit Rating Repairs, now in its fourth year of operation, has recorded an impressive track record of up to 91.7% rate of removal of inconsistent or inaccurate negative data from the Australian and New Zealand credit reports of both consumers and commercial entities.

Graham and MyCRA Credit Rating Repairs are proud to be a part of developing a self-regulating framework for the credit rating repair industry through the lead role in the formation of a credit rating repair industry body.

MyCRA Credit Rating Repairs is nominated for the 2012 Telstra Small Business Awards and the 2012 Start-Up Smart Awards.

Posted in Broker | Tagged bad credit, bad credit history, broker, credit rating repair, credit rating repairers, credit reporting, creditors, defaults, Graham Doessel, MyCRA Credit Rating Repairs, www.fixmybadcredit.com.au | Leave a comment

Older Australians at risk of cybercrime: Super funds a prime target

Posted on March 22, 2012 by GrahamDoessel

Personal information has become a valuable commodity in cybercrime circles. It can be extracted, abused and traded for identity theft purposes and to take advantage of someone’s good credit rating. And as many older Australians are finding out – it can also be pilfered to make some crook wealthy through hijacking Super Funds – without the victim knowing a thing about it.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Australian Federal Police warn that older Australians may be susceptible to identity theft, phishing and data mining activities and in particular Superannuation Fraud, according to Technology Spectator.

Its article ‘Super funds under threat from cyber criminals: AFP’ also reveals that this susceptibility is coupled with a lack of protection around identity verification with self-managed super-funds.

An Australian Federal Police submission to the Joint Select Committee of Cyber Security recommends wider education about internet awareness for older Australians.

The AFP says the combination of wealth and size of this population demographic is tempting for fraudsters:

“Seniors citizens are accessible, they represent the fastest growing demographic in our ageing population and they hold a large portion of Australia’s wealth. Therefore, they are an attractive potential target for, and may fall victim to, an array of scams and frauds,” the AFP said in their report.

In June last year we blogged about the growing trend of hacking super funds in a post titled ‘Identity theft News: Latest Warnings and Recommendations’.

At the time, NSW Police had advised the public of a scam targeting Super Accounts, where fraudsters were stealing enough information from unsuspecting victims to transfer their Super into self-managed funds which could then be easily accessed by the criminals. In effect, criminals were hijacking Super funds.

Fraud Squad Commander Detective Superintendent Col Dyson said “Superannuation fraud…works well because no-one checks their super…victims rarely notice account changes, making it easy for criminals to change mailing addresses.” Read more on this story ‘Crooks siphon super funds,’ on CRN Australia’s website.

Unfortunately, unlike bank fraud, there is no obligation for superannuation funds to reimburse victims, and if the fraud occurs on overseas shores, there is unfortunately very little chance of recovering the stolen money.

There is also the chance that personal information may be further abused by fraudsters taking out credit in the victim’s name once the Super transfer is successful. This can lead to a series of defaults and bad credit history, which can be hard to recover from.

People should contact Police for what to do if they have been a victim of Superannuation Fraud or any form of identity theft. They may advise of the victim’s possible eligibility for a Commonwealth Victims of Identity Crime Certificate, which would at least aid in talking to creditors when the victim attempts to remove their bad credit history and recover their good name.

People should also check their credit report for any signs of misuse – changes in contact information, strange credit enquiries they didn’t initiate and even new credit can all be signs of identity theft. A credit report is free every year, and can be obtained from the credit reporting agencies.

For help with identity theft recovery, or for more information on identity theft and how it can affect a person’s credit file, contact MyCRA Credit Rating Repairs on 1300 667 218 or www.mycra.com.au.

Image: Ambro / FreeDigitalPhotos.net

Posted in Identity Theft | Tagged bad credit history, Commonwealth Victims of Identity Crime Certificate, credit rating, credit report, defaults, Graham Doessel, Identity Theft, MyCRA Credit Rating Repairs, Super funds, superannuation fraud, www.fixmybadcredit.com.au | Leave a comment

Slam Scams! Surge in phone scams reported in Australia

Posted on March 20, 2012 by GrahamDoessel

To continue with passing on information from the Fraud Week campaign we look at phone scams – the most popular form for delivering scams in Australia, now apportioned to over 50 per cent of the overall scams reported. All Australians need to know that their personal information is as valuable as their bank account details. Giving personal information or account details over to people who call on the telephone could leave people vulnerable to identity theft and potential credit file misuse.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

The Australasian Consumer Fraud Taskforce is urging Australians to slam the phone down on scams following a surge in reports of scams delivered over the phone in 2011. Read more at: Phone No. 1 choice for scam delivery: ‘Slam Scams!’ Fraud Week campaign.

A report released yesterday by the Australian Competition and Consumer Commission (ACCC) titled 2011 Targeting Scams revealed a significant shift in scam delivery methods. Whereas the trend in recent years has been for scams delivered online, in 2011 over 50 per cent of scams reported to the ACCC were perpetrated by phone.

The ACCC says consumers and small businesses contacted them almost 43,000 times in 2011 to report scams they had received by phone. Australians lost over $27.7 million dollars to these scams throughout the year.

Common phone scams reported in 2011 included:

Callers pretending to be from government: In 2011 the ACCC saw large numbers of advance fee scams initiated by telephone. Many involved scammers posing as representatives from government departments, for example offering fake grants, rebates or refunds in return for up-front payments.

Callers pretending to be from companies: In 2011 it was also common for scammers to pose as staff from well known companies and organisations asking for personal details, payments or remote access to the victim’s computer. Scammers posed as representatives from banks, computer companies like the recent Microsoft Phone scam, telecommunications services, postal and logistics services, and solar panel installers.

Scam SMS: Text messages are also commonly used by scammers to send competition or prize scams. Scammers often try to snare many people with one SMS sent en masse – this is known as spamming. Scammers may request personal details or payments in scam SMS messages. If you respond, you could also be charged at premium rates or find yourself signed up to a costly subscription service.

Personal information is a valuable commodity. Remember – if someone is calling YOU they should not need to request personal information. If in doubt – hang up!

The ACCC gives this advice for protection against phone scams:

“Be cautious if you are contacted by someone claiming to be from government or a well known company and they request personal details or up-front payments.

If you are in doubt about the authenticity of a call, don’t commit to anything. Instead hang up and call the company or government department directly using their official customer service number to verify that it is genuine. Never use contact details provided by the caller, instead find the number via an independent source such as a phone book or online search.
Never confirm or provide personal details, credit card numbers or other account information over the phone unless you initiated the call and trust the other party.

If you receive a phone call out of the blue about your computer and requesting remote access – hang up – even if they mention a well-known company. Never give an unsolicited caller remote access to your computer.
Remember that you can still receive scam calls even if you have a private number. Scammers can obtain your number fraudulently from black-market sources,” the ACCC says.

If people think they may have given out personal information or account details to scammers, they should contact the Police immediately. They should also contact their financial institutions to let them know they could be a potential identity theft victim.

They should also contact the credit reporting agencies and request a copy of their credit report. A credit report is free every year and will alert people to any changes on their credit file that they didn’t initiate. They may also be able to ‘flag’ their account to stop activity while the possible identity theft is being investigated.

For help with restoring your credit rating and to remove bad credit history contact MyCRA Credit Rating Repairs on 1300 667 218 or www.fixmybadcredit.com.au.

Image: Andy Newson / FreeDigitalPhotos.net

Posted in Identity Theft | Tagged accc, Australian Consumer Fraud Taskforce, credit file, credit report, Graham Doessel, MyCRA Credit Rating Repairs, phone scams, remove bad credit history, slam scams, www.fixmybadcredit.com.au | Leave a comment

One in four Australians short of cash would default on mortgage

Posted on March 20, 2012 by GrahamDoessel

More struggling Australian families than ever do not expect to manage their existing debt levels in the coming months. The numbers of families expecting to have to default on credit like mortgages, utilities, phone and internet bills in the coming months has increased. One in four Australians would default on their mortgage if they were short of cash. This is a worrying trend, and points to a continued lack of knowledge about the ramifications of defaulting on bill payments. For people who end up with bad credit history, they can potentially enter into a cycle of debt that can take years to recover from.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

Alarming statistics have arisen from Dun & Bradstreet’s Consumer Credit Expectations Survey from this month – projecting into the June 2012 quarter.

Over a third of Australian families will struggle to manage existing debt levels, with nearly half (46%) of low-income households expecting difficulty managing their debt. This represents a rise of eight percentage points since the fourth quarter of 2011, 11 points above the national average.

Here are some of the statistics coming out of this survey:

Default expectations

- Overall, more than one in four (26%) of Australian consumers who are short of funds would forgo a mortgage payment.

- Of those families that do find themselves short of cash in the coming months, more than one in ten (12%) would default on a mortgage repayment or internet bill. Fourteen per cent of families would choose to default on their pay television account.

- Nearly one in five (19%) low-income households would sacrifice an electricity bill, three percentage points above the national average. While six per cent would forgo a mortgage repayment.

- An increasing number of young Australians also plan to default on mortgage repayments if short of cash. The survey also found 18 per cent of 25-34 year-olds said this would be the first bill to be sacrificed during low cash flow periods. This also increased noticeably among West Australian (up 13 points to 20%) and Victorian (up six points to 11 per cent) consumers.

Credit use expectations

- Number of consumers planning to use redraw facilities on their mortgage to make a major purchase was up four percentage points year-on-year to 22 per cent.

- 41 per cent of Australian households with children will be forced to rely on a credit card to cover living expenses, up two percent since late last year.

- A growing number of households earning less than $50,000 a year are planning to use credit to cover costs (41%), up from 37 per cent in the December quarter 2011.

- However, 27 per cent of families plan to apply for new credit or a limit increase during the June quarter.

According to Dun & Bradstreet’s CEO, Gareth Jones, the survey results indicate a worrying cycle of debt accumulation and dependency among struggling consumers.

“Nearly one-in-three low-income households expect rising household debt levels, but with limited ability to pay this down. When consumers are increasingly forced to accumulate debt they are unable to manage, just to keep the family finances afloat, this has the potential to quickly become a vicious cycle,” Mr Jones said…

“Before consumers apply for more credit they should assess whether or not they can afford to repay the funds and check their credit report to ensure there are no black marks listed on their file that could make it harder or more expensive to get credit,” he said.

These statistics show that we are just not doing enough to educate large groups of the Australian population on the ramifications of increasing debt, and the importance of meeting credit commitments. Unfortunately, we can’t do anything about the rising cost of living for them, but we can help people prioritise. There needs to be a major shift in the Australian psyche about all credit and a major education campaign on managing debt. I think if we don’t want to end up with some kind of credit crisis in Australia – it is essential.

Gareth Jones puts it finely when he makes the point about how consumers view bill payments:

“Consumers tend to view non-core expenditure such as phone or internet bills as dispensable, however the damage to an individual’s credit history can be an issue irrespective of the type of account defaulted on. The default will stay on a credit report for five years and can severely limit a consumer’s ability to access affordable, mainstream credit in the future,” Mr Jones said.

The ramifications of overdue accounts

Any credit commitment which is more than 60 days in arrears – whether that is a mortgage, a credit card or a phone bill – is considered an overdue account, and a creditor will list this overdue account on the consumer’s credit file as a default.

A default on a credit file is considered a ‘bad credit rating’ by all major lenders, as well as phone and utilities companies.

The consequences of a consumer having a default on their credit file is refusal of applications for credit through most mainstream lenders for 5 years from the date the default is listed on the consumer’s credit file. The consumer is then forced to either seek alternative credit – often at sky-high interest rates, or do without credit for 5 years.

We worked out consumers with defaults on their credit file or a bad credit rating will be hit with a whopping average $15,046.57 or more in additional home loan repayments over the first three years of their loan (this calculation is based on a home loan of $300,000 over 30 years on non-conforming loan interest rate of 9.5% vs standard variable rate of 7%).

What this could mean for Australian consumers

If, as the Dun & Bradstreet Consumer Credit Expectations Survey predicts, the number of Australians who say they have to use credit to pay down debts is increasing – and the number of Australians who say they may default on credit is also increasing – we could see more and more people thrown into a cycle of having to find alternative credit sources at high interest rates as the only means of paying down debts. Or alternatively we could see a higher rate of bad credit history – defaults, Court proceedings and Bankruptcies across the board in Australia.

When a consumer seeks credit rating repair, often times they have been uneducated on how they should have handled their difficult circumstances and particularly financial hardship, prior to the default being issued on their credit file. In this instance I believe the job of a credit rating repairer can be two-fold, in one instance we are repairing the credit rating, and in the second we are educating those consumers on what the correct procedure should have been when faced with that scenario.

If more and more people are in crisis, then the finance industry, credit industry and government as a whole need to tell struggling consumers about their options for managing debt.

Consumers need to know throwing away their financial futures by defaulting on repayments is the last option, not the first when they are struggling with their debts.

For more information on obtaining and managing credit, or for information on clearing credit rating inconsistencies through credit rating repair, contact MyCRA Credit Rating Repairs tollfree on 1300 667 218 or visit our website www.mycra.com.au.

Image: renjith krishnan/ FreeDigitalPhotos.net

Image: Pixomar / FreeDigitalPhotos.net

Posted in Broker, Consumer, Industry News | Tagged bad credit history, bad credit rating, Consumer Credit Expectations Survey, credit, credit file, credit rating repair, debt, default;, Dun & Bradstreet, Graham Doessel, mortgage, MyCRA Credit Rating Repairs, www.fixmybadcredit.com.au | Leave a comment

Slam Scams! Anyone can end up a victim of scams and identity theft

Posted on March 19, 2012 by GrahamDoessel

Scams are not just reserved for the elderly or the technologically unsound – although these people can be vulnerable. In reality, scams are so prevalent and can be so sophisticated that anyone can find themselves a victim of a scam. For National Consumer Fraud Week, myself and my team at MyCRA Credit Rating Repairs want to help promote the realisation in the community that scammers are out there every day draining bank accounts and leaving you with a bad credit history for years to come.

By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au .

‘Slam scams’ is the theme for National Consumer Fraud Week 2012 run by the Australian Consumer Fraud Taskforce (ACFT).

Their aim is to educate Australians on the prevalence of scams in everyday life, and the often sophisticated nature of scams.

Here’s an explanation of the Week as featured on the ACCC’s SCAMwatch website:

“Have you ever received a phone call or SMS out of the blue, a phishy email or ‘lucky’ letter, an unknown knock at the door or a strange request from an online friend or admirer? National Consumer Fraud Week 2012 runs from 19 to 25 March and is all about raising awareness of scam delivery methods so that you can identify and slam a scam at the point of contact.

Scammers are increasingly sophisticated in how they deliver scams, taking advantage of new technology and communication methods to try and slip under your radar. Online platforms and mobile technology such as emails, social networking sites, smartphones and tablets make it easier to connect with people around the world and communicate in real time anonymously, privately or publicly. Unfortunately, scammers also take advantage of these benefits to target you.

Scammers are also not afraid to adopt a personal touch such as contacting you at home on your phone or at your door. They will try and push your buttons by playing on your emotions to evoke a sense of guilt, anxiety or fear. They also use slick tricks such as professional-looking websites or documents, and often pose as someone or an organisation that you know and trust.

Scammers will use any means to deliver a scam and get you to part with your money or personal details. If you receive a scam, slam it!

Remember to press delete, throw it out, shut the door or just hang up.

Tips to keep scammers at arms length

DON’T RESPOND
Ignore suspicious emails, letters, house visits, phone calls or SMS – press ‘delete’, throw them out, shut the door or just hang up

WATCH OUT FOR SLICK TRICKS
Scammers use sophisticated tricks to fool you such as fake websites, glossy brochures, technical jargon or posing as someone that you know and trust – don’t fall for them!

DON’T LET SCAMMERS PUSH YOUR BUTTONS
Scammers will play on your emotions to get what they want

PROTECT YOUR IDENTITY
Your personal details are private and invaluable – keep them that way and away from scammers

Fighting fraud: we can all play a part” SCAMwatch says.

The Sydney Morning Herald has this morning featured scams in this article titled $85m lost in business scams last year:

“THE Australian Competition and Consumer Commission received 83,150 reports of scams from small businesses and consumers in 2011, almost double the number the year before and more than quadruple the number in 2009, according to its annual scam report, to be released today.

More than $85 million in losses were reported, up 35 per cent.

Michael Schaper, chairman of the Australian Consumer Fraud Taskforce and deputy chair of the ACCC, said the number of scams was likely to be higher than reported, because many victims were too embarrassed to come forward,” the Sydney Morning Herald reports.

Table from Sydney Morning Herald

Slam scams and stop credit file misuse

People need to stop feeling embarrassed that they have fallen victim to scams, and start coming forward about their experiences. Unfortunately many people who are victims of a scam have also given over lots of personal information in the process. This can lead to identity theft and the scammers taking credit out in the victim’s name.

Embarrassment aside, these victims are stuck unable to take out credit while their credit file shows a series of overdue accounts they had no knowledge of, and are not responsible for. . Not only are scams damaging short term, but the effects can be long-ranging. Victims are unable to take out credit for 5 years while their credit file shows this bad credit history.

The more these victims are ridiculed for somehow being ‘gullible’ the more they will hide away and not speak out about the instances of scams. Also, the impression that these scams are easy to detect will remain in the wider community.

We need everyone to know these scams are not obvious. Scammers are clever and they have plenty of patience.

But if something doesn’t ring true…the best thing people can do is stop the contact, and verify the information of the person before they proceed.

And remember the golden rule, before giving out money or personal information – no matter who it is – people should do all they can to make that transaction as secure as possible.

For scam victims…one of the essential tasks to perform while notifying your bank is to check your credit file is not showing any bad credit history put there by scammers.

If you think you may have been a victim of a scam, talk to us confidentially tollfree on 1300 667 218 or visit the main website www.mycra.com.au about what this could mean for you and your credit file – and how we can help you restore you good name.

Image: David Castillo Dominici / FreeDigitalPhotos.net

Posted in Identity Theft | Tagged Australian Consumer Fraud Taskforce, bad credit history, credit file, Graham Doessel, Identity Theft, MyCRA Credit Rating Repairs, National Consumer Fraud Week, scammers, scams, scamwatch, slam scams, www.fixmybadcredit.com.au | Leave a comment

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